Ardagh Group launched a $1.9 billion (€1.8 billion) bond sale on Friday as it aims to refinance more expensive debt as part of ongoing efforts to cut its costs as the metals and glass packaging giant plans an initial public offering (IPO) by the end of March.

The group, led by Dublin financier Paul Coulson, will use the proceeds to buy back dollar- and euro-denominated debt due to be repaid between 2019 and 2022, which is carrying interest rates of up to 6.75 per cent.

Ardagh has engaged in a number of such refinancings in the past year, starting off when it sold $4.5 billion of bonds last April to pay for its largest acquisition to date and redeem some of its most expensive existing debt at the time. The transformational $3.4 billion purchase of a beverage cans operation of US packaging group Ball Corp and UK peer Rexam – to appease competition authorities as both companies merged – is central to Ardagh's investment case as it seeks to sell about $300 million before floating on the New York Stock Exchange.