Bacardi to price dollar notes; fixed-income calls set for Monday

By Cristal Cody

Tupelo, Miss., April 20 – Bacardi Ltd. (Ba1/BBB-/BBB-) plans to price an offering of dollar-denominated notes in a Rule 144A and Regulation S transaction, according to a market source on Friday.

The company will hold fixed income investor calls on Monday.

BofA Merrill Lynch, Barclays and Citigroup Global Markets Inc. are the arrangers.

On Friday, Moody’s Investors Service downgraded the company’s senior ratings to junk from Baa1 following Bacardi’s receipt of Mexican regulatory approval to acquire the remaining stake in Patron Spirits International AG. The deal is valued at about $5.1 billion and is expected to be funded with new debt.

S&P Global Ratings on Friday dropped the company’s rating to BBB- from BBB+.

Bacardi is a privately held spirits company based in Hamilton, Bermuda.

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