By Andrea Heisinger
New York, Jan. 14 - Bottling Group, LLC priced $750 million 5.125% 10-year senior notes Wednesday to yield Treasuries plus 300 basis points, a market source said.
The notes (A2/A/A+) priced at 99.399 to yield 5.203%. They have a make-whole call of Treasuries plus 45 bps.
Active bookrunners were Credit Suisse Securities and Morgan Stanley & Co. Inc., with Banc of America Securities LLC and Citigroup Global Markets Inc. as passive bookrunners.
Co-managers were Deutsche Bank Securities Inc., HSBC Securities, J.P. Morgan Securities Inc. and the Williams Capital Group.
Proceeds will be used to repay notes maturing Feb. 17. Pending this, they will be invested in short-term instruments.
The principal operating unit of Pepsi Bottling Group, which manufactures, sells and distributes Pepsi products, is based in Somers, N.Y.
| Issuer: | Bottling Group, LLC
|
| Issue: | Senior notes
|
| Amount: | $750 million
|
| Maturity: | Jan. 15, 2019
|
| Bookrunners: | Credit Suisse Securities, Morgan Stanley & Co. Inc. (active) Banc of America Securities LLC, Citigroup Global Markets Inc. (passive)
|
| Co-managers: | Deutsche Bank Securities Inc., HSBC Securities, J.P. Morgan Securities Inc., the Williams Capital Group
|
| Coupon: | 5.125%
|
| Price: | 99.399
|
| Yield: | 5.203%
|
| Spread: | Treasuries plus 300 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Trade date: | Jan. 14
|
| Settlement date: | Jan. 20
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
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