The Central America Bottling Corporation’s $1.1 Billion Senior Guaranteed Sustainability-Linked Notes Offering

Shearman & Sterling, Harneys, ALTA – QIL+4 and Uría Menéndez represented Citigroup Global Markets Inc. and J.P. Morgan Securities LLC as placement agents and sustainability-linked structuring agents in the offering. Hogan Lovells, Rodrigo, Elías & Medrano, Fabrega, Molino & Mulino, Palacios & Asociados, Consortium Legal, Bufete Forlar, Benjamín Valdez & Asociados, DunnCox, Guyer & Regules and Walkers advised The Central America Bottling Corporation, CBC Bottling Holdco, S.L., and Beliv Holdco, S.L., as co-issuers. Pietrantoni Méndez & Alvarez advised CBC PR LLC, Beliv LLC and Beliv Global LLC. Lexim Abogados / AVL Abogados and Walkers Global advised The Central America Bottling Corporation (CBC) and The Tesalia Springs S.A. Jones Walker advised the trustee.

The Central America Bottling Corporation (CBC), CBC Bottling Holdco, S.L. and Beliv Holdco S.L. issued an offering of $1.1 billion aggregate principal amount of 5.250 percent senior guaranteed sustainability-linked notes due 2029 and as dealer managers and solicitation agents on an offer to purchase and solicitation of consents from holders of CBC’s outstanding 5.750 percent senior guaranteed notes due 2027. The co-issuers will use the proceeds from the notes offering to purchase the 2027 notes tendered pursuant to the Tender Offer (and pay related expenses thereunder), to redeem any 2027 notes not tendered, to refinance other existing indebtedness and for general corporate purposes, including potential acquisitions.

CBC produces, distributes and markets beverage products that include brands owned by PepsiCo and AmBev, and proprietary brands, including its wellness brand LivSmart. Its products include carbonated soft drinks, bottled drinking water, sports drinks, energy drinks, juices, nectars, tea and beer. Its operating region is comprised, principally, of Guatemala, southern Honduras, Nicaragua, El Salvador, Puerto Rico, Jamaica, Ecuador, Peru and Argentina.

The Shearman & Sterling team included Antonia E. Stolper, Manuel A. Orillac (Picture), Debora Ayoub, Larry Crouch, Lorenz Haselberger, Daniel Kachmar, Nicolas Usandivaras and Sebastian de la Puente.

In BVI, Harneys advised the underwriters Managing Partner Tanya Cassie-Parker and Associate Melissa Thomas.

In Guatemala, ALTA – QIL+4 ABOGADOS advised the underwriters with Alejandro Cofiño, Andrés Lowenthal and Ignacio Grazioso.

Uría Menéndez advised the underwriters in Spain

The trans-Atlantic Hogan Lovells team was led by partners Ben Garcia (New York) and Jorge Diaz-Silveira (Miami), with senior associate Meredith Hines (New York), international consultant Pedro Martinez (Miami) and associate Ernesto Sanz (Miami). Advising on the tax aspects of the deal was Washington, D.C., partner Scott Lilienthal.

In Madrid, the team included partner Juan Garicano and counsel Alejandro González, with senior associate Alejandro Moscoso del Prado and associates Carlos Meijide, María Santana and Laura Wouters.

In Perù, Rodrigo, Elías & Medrano advised The Central America Bottling Corporation with Jorge Trelles.

In Panama, Fabrega, Molino & Mulino advised The Central America Bottling Corporation with Tatiana Abadía and Alejandro Vásques.

In Guatemala, Palacios & Asociados / Sercomi advised The Central America Bottling Corporation with Marco Antonio Palacios and Mario Roberto Paz.

In Nicaragua, Consortium Legal advised The Central America Bottling Corporation with Rodrigo Taboada and Carlos Castrillo.

In Honduras Bufete Forlar advised The Central America Bottling Corporation with a team led by Carlos Alfonso Fortin

In El Salvador, Benjamín Valdez & Asociados advised The Central America Bottling Corporation with a team led by Benjamín Valdez Tamayo

DunnCox advised The Central America Bottling Corporation in Jamaica

Guyer & Regules advised The Central America Bottling Corporation in Uruguay 

Walkers advised The Central America Bottling Corporation in BVI.

In Puerto Rico, Pietrantoni Méndez & Alvarez LLC advised CBC PR LLC, Beliv LLC and Beliv Global LLC with Antonio R. Molina, Eduardo J. Arias, Edgar Ríos-Mendez and María Fernández Bernal

In Ecuador, Lexim Abogados / AVL Abogados (Quito) advised The Central America Bottling Corporation (CBC) and The Tesalia Springs S.A. with Jorge Alfonso Cevallos Carrera and Diego Herrera Silva.

The Walkers team was led by BVI Managing Partner Matthew Cowman, with support from partner Omonike Robinson-Pickering.

Involved fees earner: Alejandro Cofiño – ALTA QIL+4 Abogados; Ignacio Grazioso – ALTA QIL+4 Abogados; Andrés Lowenthal – ALTA QIL+4 Abogados; Benjamín Valdez Tamayo – Benjamín Valdez & Asociados; Carlos Alfonso Fortin – Bufete Forlar; Carlos Castrillo – Consortium – Legal; Rodrigo Taboada – Consortium – Legal; Tatiana Abadía – Fábrega, Molino & Mulino; Alejandro Vásques – Fábrega, Molino & Mulino; Tanya Cassie-Parker – Harneys; Melissa Thomas – Harneys; Jorge Diaz-Silveira – Hogan Lovells; Ben Garcia – Hogan Lovells; Juan Garicano – Hogan Lovells; Alejandro González – Hogan Lovells; Meredith Hines – Hogan Lovells; Scott Lilienthal – Hogan Lovells; Carlos Meijide – Hogan Lovells; Alejandro Moscoso Del Prado – Hogan Lovells; María Santana – Hogan Lovells; Ernesto Sanz – Hogan Lovells; Jorge Alfonso Cevallos Carrera – LeximAbogados; Diego Herrera Silva – LeximAbogados; Marco Antonio Palacios – Palacios & Asociados/Sercomi ; Eduardo Arias – Pietrantoni Méndez & Alvarez; Maria Fernandez Bernal – Pietrantoni Méndez & Alvarez; Antonio Molina Machargo – Pietrantoni Méndez & Alvarez; Edgar Ríos-Mendez – Pietrantoni Méndez & Alvarez; Jorge Trelles – Rodrigo, Elías & Medrano Abogados; Debora Ayoub – Shearman & Sterling; Larry Crouch – Shearman & Sterling; Sebastian de la Puente – Shearman & Sterling; Lorenz Haselberger – Shearman & Sterling; Daniel Kachmar – Shearman & Sterling; Manuel Orillac – Shearman & Sterling; Antonia Stolper – Shearman & Sterling; Nicolas Usandivara – Shearman & Sterling; Matthew Cowman – Walkers Global; Omonike Robinson-Pickering – Walkers Global;

Law Firms: ALTA QIL+4 Abogados; Benjamín Valdez & Asociados; Bufete Forlar; Consortium – Legal; Fábrega, Molino & Mulino; Harneys; Hogan Lovells; LeximAbogados; Palacios & Asociados/Sercomi ; Pietrantoni Méndez & Alvarez; Rodrigo, Elías & Medrano Abogados; Shearman & Sterling; Walkers Global;

Clients: Beliv LLC; CBC PR LLC; Central America Bottling Corporation; Citigroup Global Markets Ltd; J.P. Morgan Securities LLC;