US/CANADA: Cott Corporation to raise US$50m
Cott Corporation, the private label soft drinks group, has signed a deal to raise US$50m via a share rights issue in order to help it pay down debt.
Cott Corp said yesterday (4 August) that it has secured a deal to raise the funds by issuing around 9.4m shares at $5.3 per share.
Buyers of the shares are to be a syndicate of underwriters led by TD Securities Inc. and including CIBC and BMO Capital Markets, Cott said.
"Cott intends to use the net proceeds from the offering, depending upon market conditions, either for the repayment of a portion of its 8% Senior Subordinated Notes due December 2011 or for the repayment of a portion of its outstanding indebtedness under the asset based lending facility," said the company.
Last week, Cott reported an "encouraging" first half of 2009, but said that it remained cautious about the rest of the year.
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