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Coca-Cola FEMSA launches global notes offering, tender offer for notes due 2023

Coca-Cola FEMSA SAV de CV on Jan. 6 launched a U.S. dollar-denominated global notes offering in one or more series, as well as a tender offer to purchase for cash any and all of its 3.875% senior notes due 2023.

The Mexican beverage bottler plans to use net proceeds from the sale of the U.S. dollar-denominated global notes to repurchase the 2023 notes in connection with the tender offer, and to redeem any of the 2023 notes not tendered and repurchased in the tender offer.

Coca-Cola FEMSA expects to use any remaining net proceeds for general corporate purposes, including the funding of working capital, capital expenditures, acquisitions of or investments in businesses or assets, and the redemption or repayment of short-term or long-term borrowings.

The company is offering to redeem any and all of its $900 million aggregate principal amount of 3.875% senior notes due 2023 for $1,076.99 per $1,000 principal amount of notes. It is also soliciting consent from holders of the 2023 senior notes to reduce the optional redemption notice periods from 45 days to three days prior to the fixed redemption date.

The tender offer is scheduled to expire at 11:59 p.m. ET on Feb. 3. The consent solicitation is set to expire at 5 p.m. ET on Jan. 17.

BofA Securities Inc., Citigroup Global Markets Inc., and Goldman Sachs & Co. LLC act as joint book runners for the global notes offering and as dealer managers and solicitation agents for the tender offer and consent solicitation. Global Bondholder Services Corp. acts as the tender and information agent for the tender offer and consent solicitation.