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Refresco plans new debt for purchase of Cott’s bottling activities
By Sara Rosenberg
New York, July 25 – Refresco has entered into binding facility agreements with its banks for new debt to fund the acquisition of the bottling activities of Cott for $1.25 billion, according to a news release.
Upon completion, leverage is expected at around 4.5 times adjusted EBITDA, but the company plans to bring that down to around 3.5 times with two years.
Closing is expected in the second half of this year, subject to customary conditions including regulatory approvals, Refresco’s shareholder approval and the absence of material adverse changes.
Refresco is a Rotterdam, the Netherlands-based bottler of beverages for retailers and A-brands in Europe and the United States.
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