FRANCE: Remy Cointreau looks for Bols sale okay
Remy Cointreau has gone to holders of one of its bonds to gain permission to complete the sale of its stake in Bols. The French company said today that it will approach holders of its 6.5% senior notes due in 2010 to accept a waiver of a provision that limits its ability to pursue asset sales. The move will allow Remy Cointreau to close the sale of its 50% stake in the Polish vodka maker to Central European Distribution Corp (CEDC).
In exchange for the waiver of the provision, which normally requires Remy to receive a minimum of 75% of any divestment in cash, bondholders will be paid €5 for every €1,000 of 2010 notes held in nominal terms.
Remy plans to sell its Bols stake for a total of US$135m, of which US$74.4m, or just over half the total, will be in cash and US$60.6m will be in CEDC shares.
The waiver must be approved by a majority of bondholders at a meeting scheduled to be held on 23 June.
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