Dr. Pepper Snapple pricing senior notes due 2020, 2022 on Tuesday

By Andrea Heisinger

New York, Nov. 13 - Dr. Pepper Snapple Group Inc. is planning a sale of senior notes (Baa1/BBB/) due 2020 and 2022 on Tuesday, according to a filing with the Securities and Exchange Commission.

The seven-year notes are being talked in the Treasuries plus 130 basis points area while the 10-year notes have guidance in the 135 bps area.

The notes feature a change-of-control put at 101%.

Bookrunners are Bank of America Merrill Lynch and J.P. Morgan Securities LLC.

Proceeds will be used to retire 2.35% senior notes at maturity on Dec. 21, 2012 and for general corporate purposes.

The notes are guaranteed by current or future subsidiaries that guarantee other debt.

Dr. Pepper Snapple was last in the market with a $500 million sale of notes with eight-year and 10-year maturities on Nov. 7, 2011. The 2.6% eight-year notes were priced at a spread of 120 bps over Treasuries, and the 3.2% 10-year notes sold at Treasuries plus 125 bps.

The maker of non-alcoholic beverages is based in Plano, Texas.

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