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Excluding currency translation effects, they’re anticipated to have risen 2pc, it said in a trading update. The heavily indebted group, which makes containers for a raft of consumer goods products, is in the midst of a major recapitalisation process that has been underway for more than a year. Ardagh said that its glass packaging revenue across Europe, Africa and North America, is expected to be unchanged at $1.08bn for the three months to the end of September on a reported basis. However, excluding currency translation effects, it will be 3pc lower than in the third quarter of last year. The glass unit’s adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) for the third quarter is expected to be $186m, compared to $166m a year earlier. Excluding currency translation effects, that’s a 9pc year-on-year increase. The group will release its full group third-quarter results once its recapitalisation process has been completed. During summer, a deal was finally inked between Paul Coulson and most of Ardagh’s bondholders. That will see the current shareholders walking away from the business in return for $300m, about a third of which would go to Mr Coulson. But last month it emerged that Deutsche Bank and activist hedge fund Carronade Capital were resisting the terms of the deal. They were reportedly unhappy with the treatment of $1.7bn of payment-in-kind (PIK) bondholders. Payment-in-kind bonds give the company the option of paying interest in more bonds, or additional debt, instead of cash. Senior unsecured bondholders are due to own 92.5pc of Ardagh equity once the deal goes through, while the PIK holders will only get the remaining 7.5pc in return for walking away from what they are owed. Deutsche Bank and Carronade Capital own 13pc of the PIK debt between them. It is understood the company is confident it has a range of potential routes to implement the deal, which still has the support of a large majority of bondholders. Last month, Ardagh Metal Packaging reported adjusted Ebitda of $208m for the third quarter. That was up 6pc year-on-year on a reported basis and 3pc higher on a constant currency basis. The metal packaging firm, which is listed on the New York Stock Exchange and majority owned by Ardagh, raised its adjusted Ebitda guidance to $720m to $735m, with full-year shipments expected to grow by about 3pc.
