By Rebecca Melvin and Cristal Cody
Chicago, May 12 – Bimbo Bakeries USA Inc. sold $600 million of 4% senior notes due May 17, 2051 (Baa2/BBB/BBB), according to market sources.
The notes will be guaranteed by Grupo Bimbo SAB de CV and Grupo Bimbo subsidiaries Bimbo SA de CV and Barcel SA de CV.
The notes priced with a Treasuries plus 168 basis points spread.
Price talk was for a yield in the Treasuries plus 190 bps area, according to a market source.
HSBC, JPMorgan, Mizuho and Santander are bookrunners of the deal, for which proceeds will be used to repay Grupo Bimbo debt.
The issuer is the U.S. corporate arm of the Mexican multinational bakery company and based in Horsham Township, Pa.
| Issuer: | Bimbo Bakeries USA Inc.
|
| Guarantors: | Grupo Bimbo SAB de CV, Bimbo SA de CV and Barcel SA de CV
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| Issue: | Senior notes
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| Amount: | $600 million
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| Maturity: | May 17, 2051
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| Bookrunners: | HSBC, JPMorgan, Mizuho and Santander
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| Coupon: | 4%
|
| Spread: | Treasuries plus 168 bps
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| Trade date: | May 12
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
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| Fitch: BBB
|
| Price talk: | Treasuries plus 190 bps area
|
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