US/CANADA: Cott Beverages issues second round of notes for Cliffstar
Cott Beverages hopes to raise a further US$375m for its Cliffstar purchase
Cott Beverages has lined up another note placement – again for US$375m - to fund its acquisition of Cliffstar Corporation.
The unit of Cott Corporation, which issued a set of notes for the same amount earlier this month, said yesterday (12 August) that the new notes will mature on 1 September, 2018. At a rate of 8.125% per annum, the interest will be paid semi-annually in arrears from 1 March next year.
“Cott intends to use the net proceeds from the offering to fund a portion of the purchase price and related fees and expenses for the previously-announced and pending acquisition of substantially all of the assets and liabilities of Cliffstar Corporation and its affiliated companies,” the firm said.
The purchase of Cliffstar, announced last month, will pair “the number one private-label carbonated soft drink and number one private-label juice manufacturers", Cott said at the time.
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