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Refresco Debt To Be Partially Refinanced Following Acquisition

By Steve Wynne-Jones
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Refresco Debt To Be Partially Refinanced Following Acquisition

Following the closing of the public offer on Refresco Group NV by Sunshine Investments BV – a consortium of PAI Partners SAS and British Columbia Investment Management Corporation – the new owners have announced that the packaging firm's debt is to be partially refinanced.

Sunshine Mid BV, the owner of Sunshine Investments, has launched an offering of €445 million aggregate principal amount of senior notes, due 2026.

The net proceeds from the offering, if completed, are expected to be used to repay the bridge facility borrowed in connection with acquisition.

Buy-And-Build Strategy

'The Group, together with its committed sponsors, PAI and BCI, plan to continue to capture organic growth in both the retailer brands and contract-manufacturing business, executing the group's 'buy-and-build' strategy and striving for continuous operational excellence,' Refresco said in a statement.

It noted that an important step in this 'buy-and-build' strategy was the acquisition of the Cott Traditional Beverage business in January of this year.


"This acquisition has created the world's largest independent bottler of retailer brands' soft drinks by volume and a leading contract manufacturer of soft drinks by volume for A-brands, with leadership positions across Europe and North America, providing meaningful diversification to Refresco's customer base," Refresco said.

Refresco's net indebtedness as of the end of last year was €2.33 billion.

© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.

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