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CANADA: Sparkling Spring Water holdings prepares for IPO

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Canadian bottled water company Sparkling Spring Water Holdings Ltd is preparing to sell 5.4m common shares for C$17 to C$20 apiece, in an initial public offering, which could raise up to C$108m.

The Nova Scotia-based company, which first filed to go public in May, announced the terms in an amended prospectus with the US Securities and Exchange Commission.

Proceeds from the IPO are expected to be used to repay in full C$74.6 million worth of senior subordinated notes due 2007 and any remaining money would repay other credit.
 
Goldman Sachs, UBS Warburg, J.P. Morgan and TD Securities are underwriting the deal and have the option to purchase an additional 810,000 shares to cover over-allotments.

It is still unclear on which stock exchange or under what symbol the shares would be listed. That information is expected in future filings.


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