By Cristal Cody
Chicago, Jan. 14 – Compania Cervecerias Unidas SA (CCU) sold $600 million of 3.35% 10-year notes (BBB/A-) at a spread of 165 basis points over Treasuries on Thursday, a market source noted.
Talk was for a spread in the high 100 bps area.
BofA, Citigroup, Goldman Sachs and JPMorgan are listed as bookrunners.
The proceeds will be kept in cash and cash equivalents until needed, as there is no target project that needs that financing currently. It could also be used to finance future maturities, according to Fitch Ratings.
The Santiago, Chile-based company is a multi-category beverage company with operations in Chile, Argentina, Bolivia, Colombia, Paraguay and Uruguay.
| Issuer: | Compania Cervecerias Unidas SA
|
| Amount: | $600 million
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| Issue: | Notes
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| Maturity: | Jan. 19, 2032
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| Bookrunners: | BofA, Citigroup, Goldman Sachs and JPMorgan
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| Coupon: | 3.35%
|
| Spread: | Treasuries plus 165 bps
|
| Trade date: | Jan. 13
|
| Ratings: | S&P: BBB
|
| Fitch: A-
|
| Price talk: | Treasuries plus high 100 bps area
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