Refresco finalizes spreads on term loans at tight end of talk

By Sara Rosenberg

New York, Dec. 15 – Refresco set pricing on its $620 million seven-year covenant-light term loan B and €1,217,000,000 seven-year covenant-light term loan B at Libor/Euribor plus 325 basis points, the low end of the Libor/Euribor plus 325 bps to 350 bps talk, according to a market source.

Also, the company firmed pricing on its £200 million seven-year covenant-light term loan B at Libor plus 400 bps, the low side of the Libor plus 400 bps to 425 bps talk, and tightened the original issue discount to 99.5 from 99.25, the source said.

All of the term loans (B+) still have a 0% Libor floor and 101 soft call protection for six months, and the U.S. and euro term loans still have and an original issue discount of 99.5.

JPMorgan is the lead on the U.S. loan, and BNP Paribas, Credit Suisse and JPMorgan are the leads on the euro and sterling loans. Deutsche Bank, ABN Amro Bank, Rabobank and Mizuho are passive bookrunners.

Proceeds will be used to help fund the buyout of the company by PAI Partners SAS and British Columbia Investment Management Corp. for €20 in cash per ordinary share for a consideration of €1,623,000,000.

Refresco is a Rotterdam, the Netherlands-based bottler of beverages.

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