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Sparkling Spring Water Holdings Ltd., parent of Sparkling Spring Water Group Limited, announced that it has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common shares. Sparkling Spring operates in the home and office direct delivery segment of the bottled water industry and rents water coolers and delivers bottled water directly to residential and commercial customers in the United States, Canada and the United Kingdom.
Goldman, Sachs & Co. will act as sole book-runner in the offering. UBS Warburg LLC will act as joint lead manager with JP Morgan and TD Securities acting as co-managers. The proposed offering will include shares issued and sold by Sparkling Spring and, if exercised, the underwriters' over-allotment option will include shares sold by certain Sparkling Spring shareholders.
Sparkling Spring anticipates using the net proceeds it receives from the offering to repay the outstanding 11.5% senior subordinated notes due 2007 of its subsidiary Sparkling Spring Water Group Limited, and to repay a portion of the outstanding indebtedness under Sparkling Spring Water Group's senior credit facility.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.