Mexican Pepsi Bottler to Sell Shares

Grupo Embotelladoras Unidas, a Mexican Pepsi bottler that is changing its name to Cultiba, has filed for an equity offering. The issuer plans to sell primary and secondary shares in Mexican and global tranches, and plans to set a price range for the sale, according to regulatory documents, with its outstanding shares seeing low trading levels. The exact size and timing remaining to be set. The issuer plans to sell primary and secondary shares in Mexican and global tranches, according to regulatory documents, with the size and timing remaining to be set. The issuer would need to raise at least $250m-equivalent to repay the bank loans it will take out with the proceeds, and also targets additional capital for investments. The bottler has a $125m loan due 2022 with Rabobank, costing it Libor+225bp, and an MXP1.61bn ($126m) 2022 loan with Banorte at TIIE+160bp. Bank of America Merrill Lynch, Banorte-Ixe, BBVA Bancomer, Credit Suisse, Inbursa and JPMorgan are managing. The company booked $2.17bn-equivalent in Ebitda during the first nine months of 2012. Unidas is in the process of changing its name to Organizacion Cultiba, and will trade under the symbol CULTIBA.