Friday, Cott Corp. (COT, BCB.TO) said its subsidiary, Cott Beverages Inc. closed its private placement of $215 million in aggregate principal amount of 8.375% senior notes due 2017, resulting in net proceeds to Cott Beverages of approximately $206.6 million. Cott also announced that Cott Beverages accepted for purchase $236.7 million aggregate principal amount of its 8.0% senior subordinated notes due 2011 or 95.35% of the total outstanding.
Cott Beverages also received consents from holders of at least 75% in principal amount of its 8.0% Notes to adopt the proposed amendments to the 8.0% Notes. A supplemental indenture effecting the proposed amendments has been executed, but such proposed amendments will only become operative simultaneously upon the acceptance for payment of all 8.0% Notes that are validly tendered.
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