AC Bebidas issues 9.5 billion pesos in Mexican corporate bonds with BBVA México as bookrunner
BBVA México acted as bookrunner in the issuance of Mexican corporate bonds (Certificados Bursátiles) by AC Bebidas, S. de R.L. de C.V., for a total amount of 9.5 billion pesos across two tranches. The proceeds will be used primarily to refinance existing liabilities.
The company’s solid financial position and high credit quality, supported by ratings of “AAA(mex)” from Fitch Ratings and “mxAAA” from S&P National Ratings, generated total demand of 17.923 billion pesos, representing 2.47 times the target amount. Given the strength of demand, this transaction stands as the most significant issuance carried out by AC Bebidas to date.
The issuance was structured in two tranches. The first, ticker ACBE 26, consisted of a floating-rate tranche with a three-year tenor in the amount of 3.26 billion pesos, referenced to the Funding TIIE plus 40 basis points.
The second tranche, ACBE 26-2, was issued at a fixed rate with a seven-year tenor for 6.24 billion pesos. It was priced at MBono 33 (8.56%) plus 40 basis points, resulting in a final coupon of 8.96%.
In both tranches, pricing was in line with Initial Price Thoughts (IPTs). The transaction attracted participation from a diversified investor base.
AC Bebidas, a subsidiary of Arca Continental, is one of the largest Coca-Cola bottlers in the world and the second largest in Latin America. The company operates in five countries: Mexico, the United States, Peru, Ecuador, and Argentina. In Mexico, it operates 19 beverage production facilities and 118 beverage distribution centers.