Coca-Cola Amatil intends to issue up to A$ 500 million of debt on the Australian market in November. Undeterred by falling share price, difficult trading conditions and a declining credit rating outlo…
Coca-Cola Amatil intends to issue up to A$ 500 million of debt on the Australian market in November. Undeterred by falling share price, difficult trading conditions and a declining credit rating outlook, Coca-Cola will offer short-term commercial paper, medium-term notes, or a combination of both. The programme is arranged by the Commonwealth Bank of Australia and Warburg Dillon Read. Since the debt issue was planned in April 1999, CCA“s A plus credit rating has been put on watch by Standard and Poor“s, and downgraded by Moody“s Investor Service. An inquiry by the Australian Competition and Consumer Commission concerning possible abuse of market power, and San Miguel Corporation“s decision to cancel the sale of its 21.5% share, has given CCA further trouble. CCA has US$ 750 million outstanding under its Euro medium-term note programme, and A$ 500 million on issue in the form of stand-alone Euro bonds.