Cott Corporation has entered into a new US$250m senior secured asset-based lending credit facility and repaid all outstanding indebtedness under its previous credit facility and its receivables securitisation facility.

The ABL Facility's administrative agent is JP Morgan Chase Bank, NA, while General Electric Capital Corporation, a member of the lending syndicate, is designated as the co-collateral agent under the facility.

"We are pleased to announce the signing of the ABL Facility. We believe that it will provide Cott with the liquidity to meet existing and anticipated future needs," said Juan Figuereo, Cott's chief financial officer.

The ABL Facility has a maturity date of five years, but if Cott does not refinance its senior subordinated notes by June 2011, the ABL Facility will mature then.

The ABL Facility includes a revolver that is limited to $250m subject to a borrowing base comprised of certain Cott assets. Interest on the facility will be LIBOR plus 2.50%.

"The liquidity provided by the new ABL Facility will allow us to focus all our efforts on completing the turnaround of our business," said David Gibbons, Cott's interim CEO.