Cott Prices Offer of $525 Million of Senior Notes
TORONTO, ON and TAMPA, FL -- (Marketwired) -- 06/10/14 -- Cott
Corporation (NYSE: COT) (TSX: BCB) announced today that its wholly
owned subsidiary, Cott Beverages Inc. ("Cott Beverages "), priced a
private placement offering of $525 million in aggregate principal
amount of senior notes (the "New Notes"). The New Notes will mature
on July 1, 2022 and interest on the New Notes will accrue and be
payable semi-annually in arrears commencing January 1, 2015 at the
rate of 5.375% per annum. The New Notes will yield gross proceeds to
Cott Beverages of approximately $525 million.
Cott Beverages expects to use the net proceeds from the offering to
repurchase any and all of its outstanding 8.125% Senior Notes due
2018 (the "2018 Notes") in its previously announced tender offer and
consent solicitation (the "Tender Offer") and the redemption of any
of the 2018 Notes that remain outstanding if Cott Beverages purchases
less than all of the outstanding 2018 Notes in the Tender Offer, to
repay any outstanding loans under its asset-based lending credit
facility, to pay related fees and expenses and for general corporate
The settlement of the New Notes is expected to occur on June 24, 2014
and is subject to customary closing conditions.
This press release is for informational purposes only and is not an
offer to buy or the solicitation of an offer to sell any securities.
The New Notes have not been registered under the Securities Act of
1933, as amended (the "Securities Act"), or any state securities laws
and, unless so registered, may not be offered or sold in the United
States except pursuant to an applicable exemption from the
registration requirements of the Securities Act and applicable state
Safe Harbor Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934,
including statements regarding the offering of the New Notes, the
principal amount and maturity date of such notes, any possible
completion of the offering of such notes and our use of the net
proceeds from the offering of such notes. Forward-looking statements
involve inherent risks and uncertainties and Cott cautions you that a
number of important factors could cause actual results to differ
materially from those contained in any such forward-looking
statement. The forward-looking statements are based on assumptions
regarding management's current plans and estimates. Management
believes these assumptions to be reasonable but there is no assurance
that they will prove to be accurate. Factors that could cause actual
results to differ materially from those described in this press
release include those risks and uncertainties indicated from time to
time in Cott's filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on any
forward-looking statements, which speak only as of the date hereof.
Readers are urged to carefully review and consider the various
disclosures, including but not limited to risk factors contained in
Cott's Annual Report on Form 10-K and its quarterly reports on Form
10-Q, as well as other periodic reports filed with the securities
commissions. Cott does not undertake to update or revise any of these
statements in light of new information or future events, except as
expressly required by applicable law.
Tel: (813) 313-1732
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