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.
"The margin is feisty," said one banker close to the deal. "Bacardi is not a borrower that will take pricing thats 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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