Lindley Heard Eyeing $300m-$350m 10-Year

Peru’s Corporacion Lindley, a non-alcoholic beverages company, is telling investors that it is looking to raise $300m-$350m through a 10-year bond, says an account who met the company this week. The BB+/BBB minus borrower has already seen investors in Lima, Santiago, London and New York. It will head to Boston today and will wrap up in Los Angeles on Thursday. The new issue will bring net-debt-to-Ebitda to around 4x, but there are plans to reduce that to 2.5x by 2015, assuming 9% growth, the investor says. Accounts are heard discussing a 7% handle, though some put it higher. Citigroup and JPMorgan are managing the process. The Lima-based company produces, bottles, and distributes Inca Kola among other carbonated and non-carbonated drinks such as fruit juices, isotonic beverages, energy drinks and mineral water. Lindley has strategic alliances with The Coca-Cola Company. This would be the issuer’s debut bond offering abroad.