Refresco to launch €3.4 billion equivalent of term loans on Friday

By Sara Rosenberg

New York, April 21 – Refresco Group BV is scheduled to hold a lender call at 10 a.m. ET on Friday to launch €3.4 billion equivalent of term loans, according to a market source.

The debt consists of a €1.53 billion equivalent U.S. term loan B, a €1.53 billion term loan B and a €340 million equivalent pound-denominated term loan B, the source said.

Expected ratings are B2/B+.

Goldman Sachs, JPMorgan Chase Bank and KKR Capital Markets are the joint physical bookrunners on the deal, with Goldman left on the U.S. loan and JPMorgan left on the euro and pound loans. Credit Suisse, Natwest, BofA Securities Inc., Morgan Stanley Senior Funding Inc., Mizuho, MUFG, ABN Amro, Credit Agricole, Unicredit, Rabobank, ING, BNP Paribas Securities Corp. and SMBC are joint bookrunners. JPMorgan is the administrative agent.

Commitments are due at 5 p.m. ET on May 4 for the U.S. loan and noon ET on May 4 for the euro and pound loans, the source added.

Proceeds will be used to help fund KKR’s acquisition of a majority stake in the company. Refresco’s existing investors, PAI Partners and British Columbia Investment Management Corp., will maintain a significant minority position.

Refresco is a Rotterdam, the Netherlands-based beverage producer.

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