US: Treasury Wine Estates tackles debt with new notes issue
The transaction raised US$250m
Treasury Wine Estates (TWE) has issued US$250m worth of notes to help refinance its US debt.
The transaction, which involved US private placement (USPP) notes, was completed on Monday, the wine company said yesterday (18 December). TWE said the raising was oversubscribed three times over, demonstrating a “strong appetite” for its credit.
“This is an excellent outcome for TWE and re-enforces the quality of TWE’s unique portfolio of assets and brands,” the company's CFO, Tony Reeves, said.
The USPP market is provides access to long-term funding to both rated and unrated issuers.
In July, Melbourne-headquartered TWE announced that it was destroying its old and out-of-date stock in the US, resulting in a writedown of AUD160m (US$145.7m). CEO David Dearie subsequently left the group.
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