US: Cosentino Signature cuts debts to make savings
Cosentino Signature Wines has said it expects to make savings having cut debts.
The AIM-listed Napa Valley wine company said today (15 August) that it has reduced its debt by about US$20m with a sale and leaseback of winery estates and can expect to report annual combined net interest and rental cost savings of US$310,000.
The company said it has now organised a 2% reduction in the interest payable from its previous borrowing rate as well as having established a new $12m credit line facility.
Cosentino added that it also expects a reduction in annual depreciation by about $765,000.
The company is scheduled to publish its full interim results for the six months to the end of June in September. Last month, Cosentino posted a 62% leap in sales for the first half of this year, thanks to a change in management in February.
California wine producer Cosentino Winery has announced it has appointed Empower Public Relations to undertake its public relations and communications campaigns....
Cosentino Signature Wines is expecting a record year for last year....
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