Bacardi self-arranges $500m club refi with ‘feisty’ pricing

BermudIan brewer Bacardi has signed a self-arranged club deal, split between a $500m three year piece and a $1bn five year loan, refinancing outstanding debt with what bankers said is one of the tightest deals of the year so far.

  • 28 May 2010

"The margin is feisty," said one banker close to the deal. "Bacardi is not a borrower that will take pricing that’s off market, and the market has been very aggressive recently."

In April, the firm, rated Baa1/BBB, invited its relationship banks to join the deal, at tickets of $125m ...

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