CANADA/US: Cott Corp pushes for early note redemption
Cott Corp initially issued the notes in 2009
Cott Corp is looking to redeem the remaining US$15m-worth of notes that were originally due in 2017.
The private label CSD supplier said late yesterday (2 January) that it has given notice of its intention to redeem the remaining 8.375% senior notes at 104.118% of par. Cott issued $215m in senior notes in late-2009 to pay off a portion of debt that was due in 2011.
Cott has instructed Wells Fargo, the notes' trustee, to send a notice of redemption on 9 January. The redemption date will be 19 February.
In October, the company blamed the “general market decline” in the CSD category and “prolonged aggressive promotional activity” from rival brands in the US for a marked fall in sales and profits in the first nine months of 2013.
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