Coca-Cola Enterprises issues US$500M in five- and 10-year notes
August 17, 2011
– Coca-Cola Enterprises Inc. has sold US$500 million of five- and 10-year notes, Bloomberg reported Aug. 16.
The company, whose North American bottling business last year was acquired by Coca-Cola Co., sold $250 million of 2%, five-year notes that pay 110 basis points more than similar-maturity Treasuries and $250 million of 3.25%, 10-year bonds that yield 125 basis points more than similar-maturity Treasuries.
Coca-Cola Enterprises, which is ranked A3 by Moody’s Investors Service but BBB+ by Standard & Poor’s, recently saw yields on investment-grade company debt drop to 0.53%, the publication stated.
Bonds purchased by the likes of AT&T Inc. and Occidental Petroleum Corp. on Aug. 15 raised $8.8 billion, per Bloomberg data.
Revenue from the sale, which was managed by Barclays Plc, Credit Suisse Group AG and Deutsche Bank AG, may be used for common corporate purposes, such as share repurchases and financial repayment.
The primary source of this article is Bloomberg, New York, New York, on August 16, 2011.