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US: Attitude Drinks refinances debt

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Attitude Drinks has completed the sale of US$900,000 in notes in order to refinance the soft drink company's debt.

The sale of class A common stock and secured convertible notes has enabled Attitude Drinks to extend its debt facility until 31 March 2011, the firm announced today (21 July).

Net proceeds on the deal will be used for working capital, said the Florida-based firm, which specialises in functional, ready-to-drink milk drinks. It launched Phase III Recovery milk-based sports drink in February this year.

"We are pleased that our two largest institutional note holders elected to participate in this new round of financing, along with two new investors," said Attitude CEO Roy Warren.

Jody Eisenman, CEO of PHD Capital, on of the main investors in Attitude, said: "With the current level of financing that we are providing, we are optimistic that the company can execute its business plan. We believe that the potential market for a milk-based sports beverage is huge."


Sectors: Soft drinks, Water

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