LONDON (AP) — Cadbury Schweppes PLC will complete the spin-off of its US drinks business on May 7 and said yesterday it had secured credit agreements for both new companies.

Analysts had predicted just last week that Cadbury would face difficulties raising money amid turmoil in the debt markets and that the deal might be delayed.

The UK confectionery and drinks group said in a statement that a shareholder meeting to approve the spinoff of its American beverages unit would be held on April 11, with the unit expected to list on the New York Stock Exchange on May 7.

Definitive credit agreements for the unit — to be named Dr Pepper Snapple Group — have been signed, the company said, with investment grade capital structures expected for both Cadbury PLC and DPSG.

The company said in March 2007 it would separate its two main businesses and confirmed in October.

Investec analyst Martin Deboo said the timetable was "very reassuring".

Given the uncertainty over the last week, "this is close to a definitive statement," said Deboo.