COSENTINO WINES REDUCES DEBT BY $20M

Napa-based Cosentino Signature Wines says it has reduced its debt by about $20 million with a sale and leaseback of winery estates and can expect to report annual combined net interest and rental cost savings of $310,000.

Cosentino says it organized a 2% reduction in the interest payable from its previous borrowing rate as well as having established a new $12 million credit line facility. In addition, it expects a reduction in annual depreciation by about $765,000.