Key Developments For Central European Distribution Corp
Central European Distribution Corp (CEDC.O) (Nasdaq)
Central European Distribution Corp. (CEDC) Announces Pricing Of Senior Secured Notes Offering
Central European Distribution Corp. (CEDC), through its indirect wholly owned subsidiary, CEDC Finance Corporation International, Inc. (the Issuer), announced the pricing of its offering of $380,000,000 aggregate principal amount of senior secured notes due 2016 (the U.S. Dollar Notes) and EUR380,000,000 aggregate principal amount of senior secured notes due 2016 (the Euro Notes and, collectively with the U.S. Dollar Notes, the Senior Secured Notes). The U.S. Dollar Notes will be sold to investors at a price of 99.366% of the principal amount thereof and will bear interest at a rate equal to 9.125% per annum. The Euro Notes will be sold to investors at a price of 99.361% of the principal amount thereof and will bear interest at a rate equal to 8.875% per annum. The closing of the offering is expected to occur on December 2, 2009. The Senior Secured Notes will be guaranteed by the Company and substantially all of its material subsidiaries. The Senior Secured Notes are being offered pursuant to a purchase agreement entered into by the Company, the Issuer and the initial purchasers on November 24, 2009. There will be no public offering of the securities in Poland within the meaning of the Polish Act on Public Offerings and Conditions Governing the Introduction of Financial Instruments to Organized Trading System and Public Companies of July 29, 2005.
Central European Distribution Corp. (CEDC) Announces Pricing of Common Stock
Central European Distribution Corp. (CEDC) announced that it has priced a public offering of 10,250,000 shares of its common stock at a public offering price of $31.00 per share. The Company has also granted the underwriters an option for a period of 25 days to purchase up to 1,025,000 additional shares of common stock to cover over-allotments, if any. The transaction is expected to close on or about November 24, 2009. The shares of common stock being sold in this offering were registered under an existing shelf registration statement on Form S-3, on file with the Securities and Exchange Commission. Jefferies & Company and UniCredit are acting as Joint Book-Running Managers and Joint Global Coordinators and Renaissance Securities (Cyprus) Limited is acting as Co-Lead Manager for the offering. On November 18, 2009, the Company entered into an underwriting agreement with Jefferies & Company and UniCredit as representatives of the several underwriters named therein.
Central European Distribution Corp. (CEDC) To Offer Senior Secured Notes; Announces Public Offering Of Common Stock
Central European Distribution Corp. (CEDC) announced it proposes to offer, through a newly formed, wholly owned subsidiary of the Company, approximately $870.0 million aggregate principal amount of U.S. dollars and Euro-denominated senior secured notes due 2016, in an offering to institutional investors. Concurrently with the Senior Secured Notes Offering, CEDC is proposing to offer 9,500,000 shares of common stock (or a total of 10,450,000 shares if the underwriters in that offering exercise their option to purchase additional shares in full) in an underwritten public offering. The completion of the Senior Secured Notes Offering is conditioned upon the completion of the concurrent common stock offering. However, the completion of the concurrent common stock offering is not conditioned upon the completion of the Senior Secured Notes Offering. The Company intends to use the net proceeds from the Senior Secured Notes Offering and the concurrent common stock offering to purchase the remaining equity interests in the Russian Alcohol Group, from funds managed by Lion Capital LLP, to repay all amounts outstanding under Russian Alcohol's credit facilities, to call for redemption all of the Company's outstanding senior secured notes due 2012 and to repay amounts outstanding under an existing credit facility at one of the Company's operating subsidiaries. Jefferies & Company and UniCredit CAIB Securities UK Ltd. are acting as Joint Book-Running Managers and Joint Global Coordinators.
Central European Distribution Corp. (CEDC) Reaffirms FY 2009, 2010 Guidance
Central European Distribution Corp. (CEDC) reconfirmed fiscal 2009 net sales guidance of $1.58 - $1.70 billion and comparable fully-diluted earnings per share (EPS) guidance of $2.35 - $2.50. The Company also reconfirmed fiscal 2010 net sales guidance of $1.80-$2.00 billion and comparable fully-diluted EPS guidance of $3.00-$3.15. According to Reuters Estimates, analysts on an average are expecting the Company to report EPS of $2.41 on revenue of $1.63 billion for fiscal 2009; EPS of $3.03 on revenue of $1.94 billion for fiscal 2010.
Central European Distribution Corp. (CEDC) Lowers FY 2009 EPS Guidance; Raises FY 2009 Revenue Guidance; Issues FY 2010 Revenue Guidance; EPS Guidance Above Analysts' Estimates
Central European Distribution Corp. (CEDC) revised its fiscal 2009 guidance and expects net sales guidance of from $1.55-$1.68 billion to $1.58 - $1.70 billion and fully-diluted earnings per share (EPS) guidance from $2.40 - $2.65 to $2.35 - $2.50. For fiscal 2010, it expects net sales of $1.80-$2.00 billion and comparable fully diluted EPS of $3.00-$3.15. This guidance takes into account expected issuances of common stock to Lion Capital LLP in the year 2010 in connection with the Company's acquisition of additional equity interests in the Russian Alcohol Group from Lion, current exchange rates, as well as management's expectations regarding underlying business performance, which includes management's expectations regarding synergies from the integration of the Company's Russian businesses in fiscal 2010. According to Reuters Estimates, analysts were expecting the Company to report EPS of $2.44 on revenue of $1.65 billion for fiscal 2009; EPS of $2.97 on revenue of $1.93 billion for fiscal 2010.
