Central European Distribution Organisation, the wine and spirits group, has said it has signed a deal to refinance its short-term debt, enabling it to continue investing in key growth markets.

A total of PLN358.5m (US$119.5m), representing the majority of short-term debt, will be refinanced in two parts, Central European Distribution Corporation (CEDC) announced today (11 December).

Bank Pekao has issued a binding offer to extend the debt facility of the US-based group, it said. The debt was previously due to mature on 31 March 2009. Short-term debt not covered by the extension will be financed using group cash reserves.

CEDC, which saw revenue rise 51% to US$452m in the third quarter, imports a range of brands in Poland and Hungary, including Jim Beam, Guinness, Concha y Toro wines, Grant's whisky and Remy Martin Cognac. The firm has also reported strong growth for its Green Mark vodka brand in Russia.

William Carey, president and CEO, said: "We are pleased to have received this offer of terms for a debt facility to ensure that we are well-positioned to continue to grow in our key markets in Poland and Russia."

The deal is subject to CEDC supplying the necessary documents to Bank Pekao, the group said.