Innovation Ventures to pay down loan borrowings with notes proceeds

By Sara Rosenberg and Paul A. Harris

New York, July 18 - Innovation Ventures LLC (5-hour Energy) plans to repay bank debt using proceeds from a $400 million senior secured notes offering, according to a market source.

Remaining proceeds will be used for general corporate purposes, including capital investments in a new manufacturing plant and distribution facility, new product development, international expansion and selective strategic acquisitions.

Innovation Ventures is a Farmington Hills, Mich.-based producer of energy drinks.

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