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Coca-Cola Femsa gives pricing, acceptance amounts of tender offer
By Wendy Van Sickle
Columbus, Ohio, Sept. 9 – Mexico’s Coca-Cola Femsa, SAB de CV announced the total consideration and acceptance amounts of its Aug. 25 cash tender offer to purchase notes from two series for an aggregate purchase price of $250 million, according to a Friday press release.
The company reported the following tenders and acceptance amounts at the total considerations listed per $1,000 principal amount of notes tendered:
• $110,858,000 received and accepted of the $600 million outstanding 5¼% senior notes due 2043 (Cusip: 191241AF5), for $1,009.25 based on the 3 3/8% U.S. Treasury due Aug. 15, 2042 and a fixed spread of 149 basis points; and
• $366,873,000 received and $209,474,000 accepted at a proration factor of 54.85% of the $1.25 billion outstanding 2¾% senior notes due 2030 (Cusip: 191241AH1), for $897.26 based on the 2¾% U.S. Treasury due Aug. 15, 2032 and a fixed spread of 112 bps and the Oct. 22, 2029 par call date.
The first series has priority over the second series.
The amounts received were as of 5 p.m. ET on Sept. 8, the early tender time. Because the offer was oversubscribed at that time, no notes tendered after the early deadline will be accepted, the company said.
The total considerations include a $30 early tender premium.
Pricing was determined at 11 a.m. ET on Sept. 9.
The initial settlement date for the early tendered notes that are accepted for purchase is expected to be Sept. 13.
Tenders may no longer be withdrawn.
The offers will officially expire at 11:59 p.m. ET on Sept. 22.
HSBC Securities (USA) Inc. (888 HSBC-4LM) and J.P. Morgan Securities LLC (866 846-2874) are the dealer managers.
Global Bondholder Services Corp. is the tender and information agent (212 430-3374, 855 654-2014).
The beverage company is based in Mexico City.
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