Coca Cola Enterprises prices upsized $450 million two-year floating-rate notes at Libor plus 10 bps

By Andrea Heisinger

Omaha, July 31 - Coca Cola Enterprises Inc. priced an upsized $450 million in two-year floating rate notes (A3/A) at par with a coupon of Libor plus 10 basis points, according to a market source.

The deal was announced at $300 million, the source said.

Joint bookrunners on the deal were Banc of America Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc.

Proceeds from the notes will be used to pay a portion of the company's outstanding commercial paper. Remaining proceeds, if any, will be used for general corporate purposes.

Coca Cola Enterprises is generally a longer term issuer, a source said, and called this a defensive move by the company to test the waters of the market.

The equity market continues to be weak and while it was up 100 points earlier in the day, by afternoon it had fluctuated and was down 150 points, the source said.

"It's very, very hard to predict what the rest of the week will look like," they said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.