By Rebecca Melvin
New York, April 12 – Mexico’s Grupo Bimbo SAB de CV priced $500 million of 5.95% hybrid securities (BB+/BB+) on Thursday at par to yield 328 basis points over U.S. Treasuries, a New York-based market source said.
The hybrids are perpetual with a call on April 17, 2023.
The issue priced below talk, which was for a yield in the low- to mid-6% range.
HSBC, BofA Merrill Lynch, JPMorgan, Citigroup and Santander are the bookrunners of the Rule 144A and Regulation S deal.
Grupo Bimbo is a Mexico City-based bakery and food company.
| Issuer: | Grupo Bimbo SAB de CV
|
| Amount: | $500 million
|
| Maturity: | Perpetual
|
| Description: | Hybrid securities
|
| Bookrunners: | HSBC, BofA Merrill Lynch, JPMorgan, Citigroup and Santander
|
| Coupon: | 5.95%
|
| Price: | Par
|
| Yield: | 5.95%
|
| Spread: | Treasuries plus 328 bps
|
| Calls: | Non-callable until April 17, 2023
|
| Trade date: | April 12
|
| Settlement date: | April 17
|
| Ratings: | S&P: BB+
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Low- to mid-6%
|
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