US: KPS Capital refinances North American Breweries
KPS Capital raises funds for Labatt USA owner, North American Breweries
KPS Capital Partners has raised fresh funds to pay dividends and debt at its North American Breweries arm, the owner of Labatt USA.
KPS Capital said it had raised US$145m for North American Breweries (NAB), by arranging a $25m revolving credit facility and a $120m loan. "The proceeds of the recapitalisation were used to refinance outstanding debt, to fund a $78m cash distribution to stockholders and to fund the company's continued growth," said KPS last week.
The private equity group said that it has retained 100% control of NAB stock.
In August, KPS said it would take advantage of craft beer sales growth in the US by acquiring Independent Brewers United (IBU), which owns Pyramid, Magic Hat and MacTarnahan's companies.
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