US: CEDC to offer EUR50m notes to repay debt
CEDC hopes the notes will raise EUR50m
Central European Distribution Corporation has lined up a note offering, which it hopes will raise EUR50m (US$66.4m).
The US-based company, which operates primarily in Eastern Europe, said earlier today (6 December) that it intends to offer EUR50m aggregate principal amount of its 8.875% euro-denominated senior secured notes due in 2016. The notes will be part of the same class as the existing EUR380m of 8.875% notes, which were issued by CEDC a year ago.
"The company intends to use the net proceeds from the notes offering to repay existing short-term debt under bank credit facilities of an operating subsidiary of the company," CEDC added.
Last week, CEDC said it will move to buy the remaining shares it does not yet own in Russian spirits firm the Whitehall Group. The purchase will cost CEDC $91.5m.
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