C&C strengthens capital structure with c. €140m US Private Placement
C&C Group plc (‘C&C’ or the 'Group’), a leading, vertically integrated premium drinks company which manufactures, markets and distributes branded beer, cider, wine, spirits and soft drinks across the UK and Ireland, today announces the successful issue of the equivalent of approximately €140m in Euro and Sterling of new US Private Placement ("USPP") notes.
The unsecured notes, which represent C&C’s debut issue in the USPP market, have maturities of 10 and 12 years. 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. Covenants are aligned to those of the Group’s existing debt facility.
Jonathan Solesbury, Group Chief Financial Officer 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, Rothschild & Co acted as financial advisor to C&C.
C&C Group plc
Stewart Gilliland, interim Executive Chairman
Jonathan Solesbury, Chief Financial Officer
Patrick McMahon, Group Strategy Director
Jonathan Neilan/Paddy Berkery
Tel: +353 1 765 0886/0884
Tel: +44 203 151 7008
About C&C Group plc
C&C Group plc is a leading, vertically integrated premium drinks company which manufactures, markets and distributes branded beer, cider, wine, spirits, and soft drinks across the UK and Ireland.
- C&C Group's portfolio of owned/exclusive brands include: Bulmers, the leading Irish cider brand; Tennent's, the leading Scottish beer brand; Magners the premium international cider brand; as well as a range of fast-growing, super-premium and craft ciders and beers, such as Heverlee, Five Lamps, Menabrea and Orchard Pig.
- C&C Group has own brand and contract manufacturing/packing operations in Co. Tipperary, Ireland; Glasgow, Scotland; and Vermont, United States, where it manufactures Woodchuck, a leading craft cider brand in the United States.
- C&C Group is the No.#1 drinks distributor to the UK and Ireland hospitality sectors. Operating under the Matthew Clark, Bibendum, Tennent's and C&C Gleeson brands, the C&C Group supplies over 35,000 pubs, bars, restaurants and hotels, and is a key route-to-market for major international beverage companies.
- C&C Group also has a minority investment in the Admiral Taverns tenanted pub group, which owns over 1,000 pubs across England and Wales and exports its Magners and Tennent's brands to over 60 countries worldwide.
C&C is a FTSE 250 company, headquartered in Dublin and listed on the London Stock Exchange.
Note regarding forward-looking statements
This announcement includes forward-looking statements, including statements concerning current expectations about future financial performance and economic and market conditions which C&C believes are reasonable. However, these statements are neither promises nor guarantees, but are subject to risks and uncertainties, including those factors discussed on page 14 of our Interim results for the six months ended 31 August 2019, that could cause actual results to differ materially from those anticipated.
C&C Group PLC