UK: Bacardi looks for loan to fund Grey Goose
Bacardi is looking to raise a US$4.4 bln syndicated loan to finance its acquisition of Grey Goose. Banking sources have told Reuters that Bacardi has mandated ABN AMRO, Banc of America Securities, Barclays and Citigroup to arrange the loan, which will also refinance existing debt.
The credit consists of three tranches with maturities ranging from three to five years, sources told the news agency, and has an interest margin of around 50 basis points over LIBOR.
The loan pays a small premium over other corporate acquisition loans, but bankers say that this does not reflect the significant increase in Bacardi's leverage levels as a result of the acquisition.
The financial details of Bacardi's acquisition of the vodka brand has not been disclosed, but press reports said that the deal was worth over US$2 bln.
Syndication of the loan has been launched to banks in the US and Europe, bankers told Reuters.
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