Cabcorp Readies Pricing

The Central American Bottling Corporation (Cabcorp) is out with guidance of 7.75% area on a $150m 10-year bond, with pricing expected today. The Guatemala-based anchor bottler for Pepsi in Central America was to wrap up roadshows in New York yesterday via sole lead Citi, marketing senior guaranteed notes rated Ba2/BB/BB+. Cabcorp is controlled by the Castillo family, with Pepsico holding an 18% stake. Cabcorp expanded into the Caribbean in 2009 when it bought PepsiAmericas and its territories in Puerto Rico, Jamaica and Trinidad. As of September 30, 2011, short-term maturities only amounted to $19m, versus $85m of cash on hand, according to Moody’s.