LONDON (Reuters) - Bermuda-based drinks group Bacardi is self-arranging a $1.5 billion loan refinancing to lower its borrowing costs, two banking sources said on Friday.

Bacardi's close relationship banks have been invited into the deal with commitments of $125 million, one of the sources said.

Commitments are due on May 5, with signing expected to take place in the week commencing May 17, the source added.

The loan is split between a $500 million, three-year facility and a $1 billion, five-year facility, the source said.

Bacardi previously tapped the syndicated loan market in March last year, securing a $3 billion financing - including a $1 billion bridge-to-bond loan and a $2 billion three-year financing.