Canadian soft drink maker Cott Corp. said Friday its beverages subsidiary closed the private sale of $215 million in notes and repurchased notes due to mature in 2011.
The new 8.375 percent senior notes are due in 2017 and were issued by Cott Beverages Inc. They will yield net proceeds of $206.6 million, the company said. The notes have not been registered so they can't be sold to most U.S. investors.
On the tender offer for the 2011 notes, Cott said it bought back 95.35 percent of them with an aggregate principal amount of $236.7 million. The senior notes carried 8 percent interest. The deadline for tendering notes was Thursday.
Barclays Capital Inc. acted as dealer manager and solicitation agent for the tender offer.
Cott produces sodas, energy drinks and teas at bottling plants in Canada, the United States, Mexico and the United Kingdom.
Cott shares rose 9 cents to $9.04.