February 12, 2025 09:22 GMT
CONSUMER STAPLES: Barry Callebaut; FV
CONSUMER STAPLES
(BARY 29s; Baa3/BBB-; Stable)
The 3y will be a value view, the first in consumer/transport primary this year. Full thoughts to follow, last pdf'd below.
- €Bmrk 3Y IPT+190a vs. FV +120 (-70)
- €Bmrk 6.5Y IPT+235a vs. FV +175 (-60)
- This is refi for the remaining €682m under a new €1b TL (rest was refi'd by a CHF300m issuance last month)
- We assumed €2b in new debt this year if Cocoa stayed at £9k/t. Note outside TL it had a €620m new 2y revolver (unclear if drawn).
- This will come with coupon step ups for the first time. 25bp/agency/notch below IG to a max 150bp.
- Step-downs on rating upgrades
- All applicable from the next interest payment date (Feb'26 the first)
- above are ~standard terms
Keep reading...Show less
115 words