By Paul A. Harris
Portland, Ore., May 11 - Refresco Group priced €660 million of seven-year senior secured notes (B1/BB-/) in two tranches on Wednesday, according to market sources.
The Dutch soft drinks company priced a €360 million tranche of fixed-rate notes at par to yield 7 3/8%.
The yield printed on top of price talk that had been lowered from 7½% to 7¾%.
In addition, Refresco priced a €300 million tranche of floating-rate notes at par to yield three-month Euribor plus 400 bps.
The floating-rate notes priced on top of price talk.
Deutsche Bank AG and Credit Suisse, along with ABN Amro, BNP Paribas, Rabobank, ING Group NV and SG CIB were the underwriters.
Proceeds will be used to refinance debt.
| Issuer: | Refresco Group
|
| Amount: | €660 million
|
| Maturity: | May 15, 2018
|
| Securities: | Senior secured notes
|
| Underwriters: | Deutsche Bank AG and Credit Suisse, along with ABN Amro, BNP Paribas, Rabobank, ING Group NV, SG CIB
|
| Trade date: | May 11
|
| Settlement date: | May 16
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Amount: | €360 million
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Call protection: | Three years
|
| Price talk: | 7 3/8%, revised from 7½% to 7¾%
|
|
|
| Floating-rate notes
|
| Amount: | €300 million
|
| Coupon: | Three-month Euribor plus 400 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 400 bps
|
| Call protection: | Non-callable
|
| Price talk: | Euribor plus 400 bps
|
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