Coca-Cola HBC accepts tenders for €236.57 million of 2.375% notes

By Sarah Lizee

Olympia, Wash., May 15 – Coca-Cola HBC Finance BV received and accepted tenders for €236,573,000 of its €800 million 2.375% notes due 2020 guaranteed by parent Coca-Cola HBC AG in a tender offer that expired at 11 a.m. ET on May 14, according to a notice.

The company announced May 3 that it was tendering for up to €300 million of the notes.

As previously reported, the purchase price is 102.243% of par, using a purchase yield of negative 0.3% and assuming a settlement date of May 17.

The purchase price equals the value of all remaining payments of principal and interest on the notes up to and including the pre-maturity call date of the notes, which is March 18, 2020, discounted to the settlement date at a discount rate equal to the purchase yield, minus accrued interest.

The company also plans to pay accrued interest.

In addition, the company said it plans to issue new euro-denominated fixed-rate notes, and the tender offer is subject to the issue of the new notes.

The company said it is looking to retire the notes prior to their maturity in order to improve its debt profile.

The dealer managers are Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), Credit Suisse Securities (Europe) Ltd. (+44 20 7883 8763 or liability.management@credit-suisse.com) and Societe Generale (+44 20 7676 7951 or liability.management@sgcib.com).

The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, David Shilson, cchbc@lucid-is.com).

Coca-Cola HBC is a subsidiary of Athens-based Coca-Cola Hellenic Bottling Co. SA.

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