TORONTO and TAMPA, FL, Nov. 22,
2017 /PRNewswire/ - Cott Corporation ("Cott") (NYSE: COT)
(TSX: BCB) announced today that (i) its wholly owned subsidiary,
Cott Beverages, Inc. ("CBI"), gave notice to Wells Fargo Bank,
National Association, the trustee (the "CBI Trustee") under the
Indenture (the "CBI Notes Indenture") governing its $525,000,000 aggregate principal amount of 5.375%
Senior Notes due 2022 (the "CBI Notes") of its intent to
conditionally redeem all of the outstanding CBI Notes on
January 3, 2018 (the "Redemption
Date"), and (ii) its wholly owned subsidiary, DS Services of
America, Inc. ("DS Services"), gave notice to Wilmington Trust,
National Association, the trustee (the "DSS Trustee") and the
collateral agent under the Indenture (the "DS Indenture") governing
its $250,000,000 aggregate principal
amount of 10.000% Second-Priority Senior Secured Notes due 2021
(the "DSS Notes" and, together with the CBI Notes, the "Notes") of
its intent to conditionally redeem all of the outstanding DSS Notes
on the Redemption Date. The notices effectively delay the
previously announced redemption date of November 27, 2017 for each of the CBI Notes and
the DSS Notes to January 3, 2018.
As previously announced on October 26,
2017, the redemption price of the CBI Notes, as set forth in
the CBI Notes Indenture, is equal to 104.031% of the principal
amount of such CBI Notes redeemed, plus accrued and unpaid interest
thereon, if any, to, but excluding, the Redemption Date. The
redemption price of the DSS Notes, as set forth in the DS
Indenture, is equal to 105.000% of the principal amount of such DSS
Notes redeemed, plus accrued and unpaid interest thereon, if any,
to, but excluding, the Redemption Date.
The redemptions of the CBI Notes and the DSS Notes are each
conditioned upon the closing of the previously disclosed sale (the
"Sale") of Cott's traditional business (consisting of Cott's
North America, United Kingdom and Mexico business units (including the Canadian
business) and the finished goods export business of Royal Crown
International ("RCI") but excluding RCI's other businesses, the
Columbus facility and Aimia) to Refresco Group N.V. (the
"Purchaser"), pursuant to the Share Purchase Agreement, dated as of
July 24, 2017 (as such agreement may
be amended, supplemented or otherwise modified), among the
Purchaser, Cott and certain other parties thereto.
CBI and DS Services have instructed the CBI Trustee and the DSS
Trustee, respectively, to send a notice of conditional full
redemption in the name of CBI and DS Services, respectively, to all
currently registered holders of the CBI Notes and DSS Notes,
respectively.
This press release is for informational purposes only and does
not constitute an offer to purchase the Notes or any other
securities.
There is no assurance as to when and if the Sale will be
consummated.
About Cott Corporation
Cott is a diversified beverage company with a leading
volume-based national presence in the North America and European home and office
bottled water delivery industry, a leader in custom coffee roasting
and blending of iced tea for the U.S. foodservice industry, and a
leader in the production of beverages on behalf of retailers, brand
owners, and distributors. Cott's platform reaches over 2.3
million customers or delivery points across North America and Europe supported by strategically located
sales and distribution facilities and fleets, as well as
wholesalers and distributors. This enables Cott to
efficiently service residences, businesses, restaurant chains,
hotels and motels, small and large retailers, and healthcare
facilities.
Safe Harbor Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements regarding the completion of the
conditional full redemptions of the 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 (the "SEC"). 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 other periodic reports filed
with the SEC. 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.
SOURCE Cott Corporation