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Coca-Cola Femsa tender offer oversubscribed by early deadline
By Marisa Wong
Los Angeles, Sept. 9 – Mexico’s Coca-Cola Femsa, SAB de CV announced the early tender results 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.
As of 5 p.m. ET on Sept. 8, the early tender time, holders had tendered the following:
• $110,858,000 of the $600 million outstanding 5¼% senior notes due 2043 (Cusip: 191241AF5), with pricing to be 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 of the $1.25 billion outstanding 2¾% senior notes due 2030 (Cusip: 191241AH1), with pricing to be 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 total considerations will include a $30 early tender premium that will not be paid to noteholders who tender after the early deadline.
Pricing will be determined at 11 a.m. ET on Sept. 9 and is expected to be announced soon after that.
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Tenders may no longer be withdrawn.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 expire at 11:59 p.m. ET on Sept. 22. Final settlement is planned for Sept. 26.
The tender cap excludes interest and additional amounts (if any, for taxation reasons).
Tenders may be prorated.
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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