Ardagh Group closed on a committed five-year asset-based revolving credit facility of $850 million agented by Citi.

The new facility, secured by trade receivables and inventories, replaced existing facilities of €150 million ($176.1 million) and $200 million respectively, reflecting Ardagh’s increased scale following the beverage can acquisition in 2016. It will provide funding for working capital and general corporate purposes.

The new facility will also further diversify Ardagh’s funding sources and enhance its capital structure, following significant refinancing activity earlier this year to materially extend debt maturities and reduce financing costs.

Citi, with Bank of America Merrill Lynch, also served as joint global coordinator. Barclays, BNP Paribas, Deutsche Bank, Goldman Sachs, SunTrust Robinson Humphrey and Wells Fargo acted as joint lead arrangers along with J.P. Morgan, Rabobank, ING and HSBC.

Ardagh Group producers metal and glass packaging solutions for most of the world’s food, beverage and consumer brands.