CANADA: Cott Beverages in senior notes offering
The offering of the notes will close alongside the completion of the Cliffstar acquisition
Cott Beverages, a subsidiary of Cott Corporation, is to offer US$375m in senior notes.
The firm said yesterday (4 August) that it intends to use the net proceeds from the offering, due 2018, to fund a portion of its purchase of Cliffstar Corporation announced last month.
The offering of the notes is expected to close alongside the completion of the Cliffstar Corp acquisition.
Cott said it intends to finance the remaining portion of the acquisition through an increase in borrowings from its lending facility and a public offering of $65m its common shares.
Yesterday, the company recorded a drop in profits for the first six months of the year.
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