US: NWS completes Illinois sale to Glazer's
National Wine & Spirits has closed the sale of its Illinois subsidiary to Glazer's.
The Indianapolis-based drinks distributor said late last week that the sale of NWS-Illinois to Glazer's was complete, although the company kept some assets, including the distribution rights for some unnamed beer brands. Financial details were not disclosed.
Separately, National also said that it is calling for the redemption of all of its 10 1/8% senior notes, which are due in 2009, with a redemption date of 23 January next year and a redemption price of 100% plus accrued and unpaid interest.
Last month, National posted a 9.4% increase in sales for the second quarter of this year, coming in at US$182.5m. Net income for the period was up by 25% year-on-year to $1m, while operating income rose to $4.4m from $3.8m.
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