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Cott collects early tenders for $202.32 million of 6¾% notes due 2020
By Susanna Moon
Chicago, March 22 – Cott Corp. subsidiary Cott Beverages Inc. accepted for purchase $202,316,000, or 32.37%, of 6¾% senior notes due 2020 tendered as of 5 p.m. ET on March 17, the early tender date.
Cott also closed its $750 million private placement of 5½% senior notes due 2025, with proceeds to be used to repurchase or redeem the 6¾% notes as well as to repay some loans under the company’s asset-based credit facility, according to a company update.
The tender offer will now continue until 5 p.m. ET on April 6, extended from 11:59 p.m. ET on March 31.
As announced March 6, the company is offering a total purchase price of $1,035.15 per $1,000 principal amount, including a $10.00 early tender payment, of notes tendered by the early tender deadline.
Holders who tender after the early deadline will receive $1,025.15 per $1,000 principal amount.
The company will also pay accrued interest up to but excluding the settlement date.
Cott Beverages also is soliciting a majority of consents to amend the notes to eliminate substantially all restrictive covenants.
Holders who tender their notes will be deemed to consent to the proposed amendments, and holders may not deliver consents without tendering their notes.
Cott Beverages also called all of the outstanding notes at a redemption price of 103.375% of par plus accrued interest up to but excluding the redemption date of April 5.
The dealer manager and solicitation agent is Deutsche Bank Securities (855 287-1922 or 212 250-7527). The information agent and tender agent is D.F. King & Co., Inc. (877 478-5042 or 212 269-5550).
Cott is a beverage company based in Toronto and Tampa, Fla.
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