Ardagh Glass Packaging - Africa has completed the refinancing of the South African debt facilities assumed at the time of the Consol Glass acquisition in April 2022.
Under the terms of the refinancing, maturities have been extended to 2028, from 2023, and the total facilities were increased by approximately ZAR 3 billion (US$164 million).
The facilities will support Ardagh Glass Packaging - Africa's investment programme for additional capacity.
This is principally the construction of a third furnace at the Nigel production facility, near Johannesburg, which is expected to commence production in late 2023.
They also provide increased liquidity to support the business and operations.
The refinancing was undertaken with the existing syndicate of South African banks (FirstRand Bank, Standard Bank of South Africa, Nedbank and ABSA Bank) which have continued to show their support to Ardagh Glass Packaging - Africa.