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Cott Beverages gets tenders for $295.93 million 8 1/8% notes so far
By Angela McDaniels
Tacoma, Wash., June 24 – Cott Corp. wholly owned subsidiary Cott Beverages Inc. had received tenders for $295,929,000 principal amount, or 78.91%, of its 8 1/8% senior notes due 2018 as of 5 p.m. ET on June 23, the consent expiration.
A tender offer and consent solicitation for the notes began June 10 and will expire at 11:59 p.m. ET on July 8.
Cott is soliciting consents for proposed amendments that would eliminate substantially all restrictive covenants contained in the indenture governing the notes.
Holders who tender their notes are deemed to consent to the proposed amendments, and holders may not deliver consents without tendering their notes.
Adoption of the proposed amendments requires consents from holders of a majority of the outstanding principal amount of notes. This condition has been satisfied.
The notes tendered through the consent expiration have been accepted for purchase.
The company will pay $1,054.63 per $1,000 principal amount of notes plus accrued interest up to but excluding the initial settlement date, which was expected to be June 24. This amount includes a consent payment of $30.00 per note tendered by the consent expiration.
Any notes that remain outstanding following the offer will be redeemed at par plus a make-whole premium and accrued interest on July 24.
The company will use the proceeds of $525 million of 5 3/8% senior notes due 2022 to fund the tender offer and the redemption, to repay any outstanding loans under its asset-based lending credit facility and for general corporate purposes.
BofA Merrill Lynch (888 292-0070 or 980 388-3646) is the dealer manager and solicitation agent for the tender offer and consent solicitation, and D.F. King & Co., Inc. (800 848-3416 or 212 269-5550) is the information agent and depositary for the tender offer.
Cott is a beverage company based in Mississauga, Ont., and Tampa, Fla.
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