Global law firm White & Case LLP has advised a banking syndicate on the US$2 billion dollar-denominated bond issue by Pernod Ricard, the world's second largest wines and spirits company, in three tranches comprising a long seven-year tranche with a 1.25% coupon, a long ten-year tranche with a 1.625% coupon and a 30-year tranche with a 2.75% coupon.
It is Pernod Ricard's first return to the Yankee bond market since 2016.
The banking syndicate consisted of BofA Securities, Goldman Sachs & Co. LLC, J.P. Morgan, Morgan Stanley, RBC Capital Markets and Wells Fargo Securities as active lead managers and joint bookrunners, and BBVA, NatWest Markets, TD Securities, CIC Market Solutions, HSBC and Rabo Securities as passive joint bookrunners.
The transaction is part of Pernod Ricard's financial strategy to refinance existing debt with near-term maturities in order to reduce the average cost of financing concomitant with the extension of the average maturity of the debt.
The White & Case team in Paris which advised on the transaction was led by partner Max Turner and included partners Philippe Herbelin and Alexandre Ippolito and associates Tatiana Uskova, Alice Chavaillard and Sarah Kouchad.
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