Cott Beverages gets tenders for $237.1 million of 8% notes due 2011

By Susanna Moon

Chicago, Nov. 30 - Cott Corp. said its wholly owned subsidiary, Cott Beverages Inc., accepted tenders for $237.1 million, or 95.5%, of its $248.3 million of 8% senior subordinated notes due 2011 in the offer for any and all of the securities.

The offer expired at 11:59 p.m. ET on Nov. 27. It began on Oct. 29.

Following the tender offer, there will be $11.2 million principal amount of 8% notes outstanding.

As previously announced on Nov. 13, Cott Beverages accepted tenders for $236.7 million, or 95.35%, of its 8% notes by the early tender date.

The company also had received enough consents to modify the note indenture to eliminate or modify substantially all restrictive covenants. It executed a supplemental indenture.

Those who tendered prior to the early participation payment deadline of 5 p.m. ET on Nov. 12 received the total consideration of $1,005 per $1,000 principal amount of notes, including the $30 early payment.

Cott also paid accrued interest.

The company previously said it settled the tendered notes using cash on hand, borrowings under its asset-based lending facility and the full proceeds from its completed private placement of $215 million of 8¾% senior notes due 2017, which resulted in net proceeds to Cott Beverages of about $206.6 million.

Barclays Capital Inc. (800 438-3242 or call collect 212 528-7581) was the dealer manager and solicitation agent. MacKenzie Partners, Inc. (800 322-2885 or call collect 212 929-5500) was the information agent and depositary.

Cott is a Toronto-based non-alcoholic beverage company and retail brand soft drink company.

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