Innovation Ventures scraps planned notes offering and loan, will evaluate debt refinancing

By Paul A. Harris and Sara Rosenberg

Portland, Ore., Aug. 11 – Innovation Ventures LLC announced in a news release on Thursday that it will no longer pursue a planned offering of notes.

In addition the company elected not to go forward with a planned $525 million senior secured credit facility, which was launched on Aug. 4 via BofA Merrill Lynch and KeyBanc Capital Markets LLC.

Proceeds were going to be used with a proposed unsecured notes offering to help fund the purchase of a majority interest in the company by Renew Group Private Ltd. and to repurchase 9½% senior secured notes due 2019.

The company said that it is also no longer pursuing the sale to Renew Group or the notes buyback.

“The parties to the transactions determined that pursuing the transactions is not in the best interest of the company and its equity-holders at this time. The company continues to evaluate plans with respect to the refinancing of its indebtedness,” the release stated.

Farmington Hills, Mich.-based Innovation Ventures is the producer of 5-hour Energy, a liquid energy drink.

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