Bacardi plans $500m bond sale
NEW YORK (Bloomberg) - Charles Schwab Corp., the largest independent brokerage by customer assets, and Bacardi Ltd., the maker of Bacardi rum and Grey Goose vodka, are among borrowers seeking to sell at least $16 billion of bonds in the US, according to data compiled by Bloomberg.
Companies have sold about $13.6 billion of bonds this week, compared with $2.1 billion the week before, Bloomberg data show. Sales this year total about $368.8 billion, compared with $202 billion during the same period of 2008, the data show.
Following is a description of pending sales of corporate and other bonds in the US.
Bacardi, the maker of Bacardi rum and Grey Goose vodka, plans to sell $500 million of five-and 10-year notes, according to a person familiar with the offering. The debt may be rated Baa1 by Moody's Investors Service, the third-lowest level of investment quality, and one step lower at BBB by Standard & Poor's, said the person, who declined to be identified because terms are not set. The Pembroke, Bermuda-based company hired Bank of America Corp., Citigroup Inc. and RBS Greenwich Capital to help sell the debt, the person said. Bacardi Ltd. is the holding company of Bacardi Corp.