C&C Group plc today announced the successful issue of the equivalent of approximately €140 million in euro and sterling of new US Private Placement notes (USPP).
The unsecured notes, which represent C&C’s debut issue in the USPP market, have maturities of 10 and 12 years, the company said in a statement.
The issue has achieved C&C’s aims of diversifying the sources of debt financing and extending their maturity out to 2032 on attractive terms, it added.
The Bulmers owner outlined that its covenants are aligned to those of the group’s existing debt facility.
“We are very pleased to have successfully completed our first US Private Placement, particularly against the backdrop of the current market uncertainty," Jonathan Solesbury, group chief financial officer commented.
"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.”
In light of the COVID-19 pandemic C&C announced last week that since its full year 2020 trading update was issued earlier this month, market conditions have deteriorated and it is now clear that the crisis will have a material impact on group performance in its current financial year 2021 (FY21).
In the update the Bulmers maker noted that given the ongoing uncertainty, it is unable to accurately quantify the expected impact of COVID-19 on its financial and trading performance at this stage.
However, the drinks company said that it expects a material reduction to in it's prior expectations for its full year 2021 results.
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