CentAm Bottler Retaps Tightened Bond

The Central American Bottling Corporation (Cabcorp) has reopened its 2022 bond for $100m, taking advantage of strong secondary performance during the last 14 months to bring the total oustanding to $300m. The Guatemala-based anchor bottler for Pepsi in Central America reopened the 6.75%-coupon bond at 109.147 to yield 4.875%, at the tight end of 5%-area guidance. Citi was sole lead on the Ba2/BB+ transaction. The retap level represents a strong tightening from the 7.0% yield achieved the original deal in February 2012. Last year’s sale represented Cabcorp’s debut, and was upsized to $200m from $150m after getting 10x demand.