Refresco to launch new term loans in London and New York next week

By Sara Rosenberg

New York, Nov. 29 – Refresco is scheduled to hold a bank meeting in London on Dec. 5 and one in New York on Dec. 6 to launch new seven-year covenant-light term loan B debt (B+), according to a market source.

The debt consists of a $620 million term loan B talked at Libor plus 325 basis points to 350 bps with a 0% Libor floor and an original issue discount of 99.5, a €1,217,000,000 term loan B talked at Euribor plus 325 bps to 350 bps with a 0% floor and a discount of 99.5, and a £200 million term loan B talked at Libor plus 400 bps to 425 bps with a 0% Libor floor and a discount of 99.25, the source said.

All of the term loans include 101 soft call protection for six months.

JPMorgan is the lead on the U.S. loan, and BNP Paribas, Credit Suisse and JPMorgan are the leads on the euro and sterling loans. Deutsche Bank, ABN Amro Bank, Rabobank and Mizuho are passive bookrunners.

Commitments are due on Dec. 14, the source added.

Proceeds will be used to help fund the buyout of the company by PAI Partners SAS and British Columbia Investment Management Corp. for €20 in cash per ordinary share for a consideration of €1,623,000,000.

Refresco is a Rotterdam, the Netherlands-based bottler of beverages.

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