Harneys advises Citigroup Global Markets Inc. and J.P. Morgan Securities LLC on up to US$1.1 billion issuance
Harneys acted as BVI counsel for Citigroup Global Markets Inc. and J.P. Morgan Securities LLC in connection with the issuance by the Central America Bottling Corporation (CBC), Beliv Holdco, S.L., and CBC Holdco, S.L. of up to US$1.1 billion in aggregate principal amount of 5.25 per cent senior guaranteed sustainability-linked notes (SLNs) due 2029.
SLNs are typically used to promote market integrity and transparency in the finance market. The notes will be listed on the Official List of the Luxembourg Stock Exchange and proceeds from the offering will be used to purchase all of CBC’s outstanding 5.75 per cent senior guaranteed notes due 2027, to redeem any of the 2027 notes not tendered, to refinance other existing indebtedness, and for general corporate purposes, including potential acquisitions. CBC holds a strong Latin America market presence as the leading producer, distributor, and seller of beverages, and a major bottler for PepsiCo in Latin America. CBC’s well-established portfolio is the largest in the region consisting of 438 brands including Pepsi, Gatorade, 7-Up, and Ocean Spray.
The Harneys team was led by BVI Managing Partner Tanya Cassie-Parker with support from Associate Melissa Thomas. Tanya commented: “We are pleased to have advised our longstanding clients Citigroup Global Markets Inc. and J.P. Morgan Securities LLC on this noteworthy issuance. The Central America Bottling Corporation is a key player in the Latin American market place, highlighting our team’s continued strength in the region.”
The Banking & Finance team at Harneys has decades of experience advising on BVI legal issues relating to debt finance including bilateral and syndicated loans, note and bond issues, project finance, aircraft financing, ship financing, property financing, and lease finance. The team is regularly instructed on multi-billion-dollar debt finance transactions by leading financial institutions and corporates.