- Cott Holdings, a wholly owned subsidiary of Cott Corporation (COT -0.6%) has closed its private placement of $750M in aggregate principal amount of 5.50% senior notes due 2025 resulting in net proceeds of ~$738.3M.
- Net proceeds from the issuance of the New Notes will be utilised to repurchase and/or redeem any and all of Cott Beverages' outstanding 6.75% senior notes due 2020, to pay tender and redemption premiums on the 2020 Notes, as applicable, to repay a portion of the loans outstanding under Cott's existing asset-based credit facility and to pay related fees and expenses in connection with the foregoing.
- Cott Beverages has accepted for purchase $202,316,000 aggregate principal amount of the 2020 Notes. Holders of the 2020 Notes accepted for purchase will receive the "Total Consideration" of $1,035.15 per $1,000 principal amount of the 2020 Notes, plus accrued and unpaid interest.
- Cott Beverages also extended the expiration date of the Tender from March 31, 2017 to April 6, 2017. Holders who tender their 2020 Notes prior to the Expiration Time will be eligible to receive the "Tender Offer Consideration" equal to $1,025.15 per $1,000 principal amount of the 2020 Notes, plus any accrued and unpaid interest on the 2020 Notes.
- As previously mentioned, Cott Beverages intends to redeem the remaining outstanding 2020 Notes on April 5, 2017 at a redemption price equal to 103.375% of the aggregate principal amount of the 2020 Notes to be redeemed, plus any accrued and unpaid interest on the principal amount being redeemed to, but not including, the redemption date.
- Press Release