Moody's assigns Baa3 to Bacardi notes

Moody's Investors Service said it assigned a Baa3 rating to Bacardi Ltd.’s senior unsecured notes in multiple tranches, with a green bond planned as part of the offering.

The proceeds will be primarily used for repayment of debt under the bridge facility, commercial paper, term loan and Euro notes, with the green bond proceeds to be utilized for eligible projects as outlined in the prospectus. “The company's Baa3 senior unsecured ratings and stable rating outlook are not affected because the transaction refinances existing debt, including debt related to the D'Usse acquisition which lifted leverage to around 4x, but terms out maturities,” the agency said in a press release.

The outlook is stable.

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