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C&C Group raises EUR 140m in US private placement

By Josh White

Date: Friday 27 Mar 2020

LONDON (ShareCast) - (Sharecast News) - Alcohol and soft drinks company C&C Group announced the successful issue of the equivalent of approximately €140m (?125.86m) in euro and sterling of new US private placement notes on Friday.
The FTSE 250 firm said the unsecured notes, which represented its debut issue in the US private placement market, had maturities of 10 and 12 years.

IT said the issue had achieved its goal of diversifying the sources of debt financing, and extending their maturity out to 2032 on "attractive" terms.

Covenants were aligned to those of the group's existing debt facility, the board said.

"We are very pleased to have successfully completed our first US private placement, particularly against the backdrop of the current market uncertainty," said chief financial officer Jonathan Solesbury.

"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."

At 1049 GMT, shares in C&C Group were up 2.36% at 182.4p.

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