Coca-Cola reportedly announces new five-part benchmark US dollar bond
Nevin Barich
LONDON
,
October 29, 2013
(Thomson Reuters Corp.)
–
The Coca-Cola Co, rated Aa3, AA-/A+, announced a new five-part benchmark US dollar bond on Tuesday, sources on the deal told IFR.
The drinks giant is coming to market with a three-year fixed rate note and three-year floater, as well as fixed-rate tenors of five, seven and 10 years.
Initial price thoughts have been set in the area of Treasuries plus 35bps, 50-55bp, 70bp and 80bp for the fixed rate tranches in maturity order. Guidance on the three-year floater is Libor plus the equivalent spread on the three-year fixed.
It is Coca-Cola's first appearance in the US dollar bond market since February, when it raised USD2.5 billion in a three-part transaction.
Bank of America Merrill Lynch, Deutsche Bank, HSBC and Morgan Stanley are joint bookrunners on the new bond.
Copyright (2013) Thomson Reuters. Click for restrictions
* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.