Peru Bottler Looks for Bond Debut

Peruvian beverage company Ajegroup is planning to meet investors on 3 continents ahead of a possible dollar bond sale that would mark its debut in the international markets. The transaction is expected to raise up to $300m with a potential tenor of 7 or 10 years, according to Fitch, which assigns a BB+ rating. Aje is scheduled to start Thursday in London, Hong Kong and Bogota, followed by visits to Zurich, Geneva, Singapore, Santiago, New York, Los Angeles, and Miami, before wrapping up in Boston and Lima May 8. The sale is to be done through the Ajecorp finance subsidiary of Grupo Embotelladora Atic, a holdco for the Ananos family which controls Aje. The notes will be unconditionally guaranteed by Atic and some of its subsidiaries, Fitch says. The deal would raise funds to repay a $100m unsecured loan with Rabobank, a $38.6m secured credit facility with Interbank and other debts. Bank of America Merrill Lynch, Interbank, Jefferies and Rabobank are managing the process. Aje produces and distributes soft drinks including the Big Cola brand, as well as juices, bottled water and other beverages throughout Latin America and Thailand. It would follow compatriot BB+/BBB minus Peruvian Coca-Cola bottler Corporacion Lindley, who raised a $320m 10-year bond last year, getting a 6.75% yield.