By Andrea Heisinger
New York, Oct. 21 - Bottling Group, LLC, a division of Pepsi, priced $1.3 billion of 6.95% senior notes (A2/A+) due 2014 on Tuesday to yield Treasuries plus 435 basis points, a market source said.
Active bookrunners were Morgan Stanley & Co. Inc. and Merrill Lynch, with Deutsche Bank Securities, HSBC Securities and J.P. Morgan Securities Inc. as passive books.
Co-managers were Banc of America Securities LLC, Citigroup Global Markets Inc., Credit Suisse and the Williams Capital Group.
Proceeds will be used to repay senior notes due 2009 at maturity. Until then, the proceeds will be invested in short-term instruments or a portion will be applied to repay short-term debt.
The bottling company is based in Somers, N.Y.
| Issuer: | Bottling Group, LLC
|
| Issue: | Senior notes
|
| Amount: | $1.3 billion
|
| Maturity: | 2014
|
| Bookrunners: | Morgan Stanley & Co., Merrill Lynch (active), Deutsche Bank Securities, HSBC Securities, J.P. Morgan Securities Inc. (passive)
|
| Co-managers: | Banc of America Securities LLC, Citigroup Global Markets Inc., Credit Suisse, the Williams Capital Group
|
| Coupon: | 6.95%
|
| Price: | 99.793
|
| Yield: | 6.999%
|
| Spread: | Treasuries plus 435 bps
|
| Trade date: | Oct. 21
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A+
|
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