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Cott Beverages gets tenders for further $175,000 of 8 1/8% notes
By Jennifer Chiou
New York, July 9 – Cott Corp. wholly owned subsidiary Cott Beverages Inc. received overall tenders for $296,104,000 principal amount, or 78.96%, of its 8 1/8% senior notes due 2018 in the offer that expired at 11:59 p.m. ET on July 8.
Since 5 p.m. ET on June 23, the consent expiration deadline, holders tendered another $175,000 of the notes.
The $295,929,000 aggregate principal amount of notes previously tendered was accepted in June.
The tender offer and a consent solicitation for the notes began on June 10.
Cott solicited consents for proposed amendments that would eliminate substantially all restrictive covenants contained in the indenture governing the notes.
Holders who tendered their notes were deemed to consent to the proposed amendments, and holders may not deliver consents without tendering their notes.
Adoption of the proposed amendments required consents from holders of a majority of the outstanding principal amount of notes.
The company paid $1,054.63 per $1,000 principal amount of notes plus accrued interest up to but excluding the initial settlement date. This amount included a consent payment of $30.00 per note tendered by the consent expiration.
The $78,896,000 of notes that remains outstanding will be redeemed at par plus a make-whole premium and accrued interest on July 24.
As reported, the company used 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) was 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) was 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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