BLP acted as Guatemalan counsel to JPMorgan, Citibank and Bank of America, as underwriters, in the international offering of US$875 million in senior guaranteed notes by The Central America Bottling Corporation (CBC), PepsiCo’s bottler in Central America since 1942, together with its Spanish subsidiaries CBC Bottling Holdco, S.L.U. and Beliv Holdco, S.L.U.
The notes carry a 6.950% coupon and mature in 2036. The offering was structured under Rule 144A and Regulation S of the U.S. Securities Act. Simultaneously, the co-issuers launched a cash tender offer for up to US$400 million of their 5.250% sustainability-linked notes due 2029.
BLP advised the underwriters on the Guatemalan law aspects of the transaction.
The transaction was led by partner Jorge Arenales, with the support of senior associates Ana Ávila and Javier Figueroa.
