By Sheri Kasprzak
New York, April 3 - Coca-Cola Bottling Co. Consolidated priced $110 million in 7% notes (Baa2/BBB/) due April 15, 2019 at 98.238 to yield 7.25%, according to a term sheet.
The reoffer spread was set at 449.8 bps over Treasuries.
The deal includes a make-whole call at Treasuries plus 50 bps.
The joint bookrunners were Citigroup Global Markets Inc., Wachovia Capital Markets LLC and SunTrust Robinson Humphrey Inc. The co-managers were BB&T Capital Markets, J.P. Morgan Securities Inc. and Rabo Securities USA Inc.
Coca-Cola Bottling will use $123.1 million of the proceeds to repay at maturity its $119.3 million of 6.375% debentures due May 1 plus accrued interest. Remaining proceeds will be directed to general corporate purposes.
Coca-Cola Bottling is a Charlotte, N.C., producer, marketer and distributor of non-alcoholic beverages.
| Issuer: | Coca-Cola Bottling Co. Consolidated
|
| Issue: | 7% notes
|
| Amount: | $110 million
|
| Bookrunners: | Citigroup Global Markets Inc., Wachovia Capital Markets LLC and SunTrust Robinson Humphrey Inc.
|
| Co-managers: | BB&T Capital Markets, J.P. Morgan Securities Inc. and Rabo Securities USA Inc.
|
| Maturity: | April 15, 2019
|
| Coupon: | 7%
|
| Price: | 98.238
|
| Yield: | 7.25%
|
| Spread: | Treasuries plus 449.8 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Trade date: | April 2
|
| Settlement date: | April 7
|
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