By Rebecca Melvin and Cristal Cody
Concord, N.H., June 23 – Anadolu Efes Biracilik ve Malt Sanayii AS priced $500 million 3 3/8% seven-year senior notes (expected ratings: /BBB-/BBB-) at 99.23 to yield 3½%, or a spread over Treasuries of 227.8 basis points, according to a market source.
Pricing, which occurred on Tuesday, was at the tight end of the 3½% to 3 5/8% guidance and tighter than the 4% area initial price talk.
The notes have a make-whole call at Treasuries plus 35 bps and a three-month par call.
BNP Paribas, Citigroup, HSBC and JPMorgan acted as joint bookrunners of the Rule 144A and Regulation S transaction.
The proceeds will be used to redeem $500 million 3 3/8% notes due 2022, which were issued in October 2012, and for general corporate purposes.
The notes are expected to be listed on the Euronext Dublin.
The producer, bottler, seller and distributor of beer and non-alcoholic beverages is based in Istanbul.
| Issuer: | Anadolu Efes Biracilik ve Malt Sanayii AS
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | June 29, 2028
|
| Bookrunners: | BNP Paribas, Citigroup, HSBC and JPMorgan
|
| Coupon: | 3 3/8%
|
| Price: | 99.23
|
| Yield: | 3½%
|
| Spread: | Treasuries plus 227.8 bps
|
| Call features: | Make-whole call at Treasuries plus 35 bps and three-month par call
|
| Trade date: | June 22
|
| Settlement date: | June 29
|
| Ratings: | S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Guided to 3½%-3 5/8% area from initial talk in the low 4% area
|
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