CANADA / US: Cott Corp plots debt refinancing
By just-drinks.com editorial team | 29 October 2009
Cott Corp has announced a debt exchange plan to help the private label soft drinks giant maintain financial flexibility.
Cott Corp will offer US$200m in senior notes due 2017 to qualified institutional investors in the US, the group said today (29 October).
It will use the proceeds to pay for a tender offer to buy up 8% of senior subordinated notes due in 2011.
Investors who take up the tender offer before 12 November, will get an "early participation payment" of $30.00 per $1,000 principal amount of the notes. The offer ends on 27 November.
Cott Corp today reported profit in its fiscal third quarter for the first time in three years.
Sectors: Soft drinks, Water
Companies: Cott
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