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DS Services gets needed consents in consent solicitation for 10% notes
By Marisa Wong
Madison, Wis., Dec. 2 – DS Services of America, Inc. announced it received the required consents under the consent solicitation for its outstanding 10% second-priority senior secured notes due 2021.
As of the expiration of the consent solicitation at 5 p.m. ET on Dec. 1, holders of $349,291,000, or 99.8%, of the outstanding notes had delivered their consents.
The expiration time had previously been extended from 5 p.m. ET on Nov. 25 and, before that, 5 p.m. ET on Nov. 20. The solicitation began on Nov. 13 in connection with the company’s merger with Cott Corp.
As previously announced, Cott acquired DS Services for $1.25 billion, and Cott and certain of its subsidiaries will become guarantors of the notes.
DS Services solicited consents to exclude the merger from the definition of change of control, modify covenants to change them from applying to DS Services and some of its subsidiaries to applying to Cott and some of its subsidiaries and reduce incurrence leverage ratios for the debt and lien covenants.
The changes also include entering into an amendment and restatement of the company’s collateral agreement.
The company will make a cash payment of $55.00 per $1,000 principal amount of notes to holders who delivered their consents. The consent payment was previously increased from $10.00 per $1,000 of notes.
D.F. King & Co., Inc. is the paying agent (866 796-6869 or 212 269-5550 for banks and brokers; ds@dfking.com). Questions may also be directed to Barclays (800 438-3242 or collect 212 528-7581), the solicitation agent.
The company is an Atlanta-based national direct-to-consumer provider of bottled water, office coffee and water filtration services. Cott is a beverage company based in Mississauga, Ont., and Tampa, Fla.
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