Cott accepts early tenders for 95.35% of 8% senior subordinated notes

By Jennifer Chiou

New York, Nov. 13 - Cott Corp. announced that its wholly owned subsidiary, Cott Beverages Inc., accepted tenders for $236.7 million, or 95.35%, of its $248.3 million of 8% senior subordinated notes due 2011 in the offer for any and all of the securities.

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

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

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 $30.00 early payment.

Cott also paid accrued interest.

The company 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) is the dealer manager and solicitation agent. MacKenzie Partners, Inc. is the information agent and depositary (800 322-2885 or call collect 212 929-5500).

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

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