Refresco to issue €660 million seven-year notes in two tranches

By Paul A. Harris

Portland, Ore., May 9 - Dutch soft drink producer Refresco Group is expected to release official price talk on Tuesday for a €660 million two-part offering of seven-year high-yield notes, according to a market source.

The deal comes in tranches of fixed-rate notes with three years of call protection and non-callable floating-rate notes.

The initial guidance on the fixed-rate notes is 7¾% to 8%. Guidance on the floating-rate bullet notes is Libor plus 350 basis points to 375 bps.

Tranche sizes remain to be determined.

Deutsche Bank AG and Credit Suisse are the leads.

Proceeds will be used to refinance debt.

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