DALLAS (AP) — Reddy Ice Holdings Inc., which is being taken private by GSO Capital Partners LP for $1.1 billion, said Wednesday it completed the sale of its bottled water business and cold storage operations for $20.3 million.
The manufacturer and distributor of packaged ice said it sold the businesses as part of its strategy to concentrate more on its core ice operations.
Reddy's existing senior credit agreement requires the proceeds from the sale be used to repay term borrowings under the facility or for acquisitions or capital expenditures within 12 months of receiving the funds. The company said it is reviewing its options on the proceeds.