C&C Strengthens Capital Structure With €140m US Private Placement
Bulmers cider manufacturer C&C Group plc has announced that it has issued the equivalent of approximately €140 million in euro and sterling of new US Private Placement (USPP) notes.
C&C stated that the unsecured notes, which represent the group's debut issue in the USPP market, have maturities of 10 and 12 years.
The group said that the issuing of the notes has achieved its aims of diversifying the sources of debt financing and extending their maturity out to 2032 on attractive terms. C&C also said that covenants are aligned to those of the group's existing debt facility.
C&C chief financial officer Jonathan Solesbury commented, "We are very pleased to have successfully completed our first US Private Placement, particularly against the backdrop of the current market uncertainty. The issue extends the maturity of our debt as well as diversifying our capital structure. It gives the company access to a broader range of funding options in the future.”
Lloyds Securities Inc. and NatWest Markets plc acted as joint placement agents on the placement, while Rothschild & Co acted as financial advisor to C&C.
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