Constellation Brands to price $400 million 10-year bullet Thursday

By Paul A. Harris

Portland, Ore., Nov. 19 – Constellation Brands, Inc. plans to price a $400 million offering of 10-year senior bullet notes in a quick-to-market transaction on Thursday, according to a market source.

BofA Merrill Lynch, J.P. Morgan Securities LLC, Rabo Securities, Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc. and MUFG are the joint bookrunners for the public offering.

Goldman Sachs & Co., Scotia Capital, Barclays and BBVA are the co-managers.

The notes feature a make-whole call at Treasuries plus 50 basis points but are otherwise non-callable. They also feature a 101% poison put.

The Victor, N.Y.-based beverage alcohol company plans to use the proceeds, along with cash on hand and bank debt, to fund a portion of the acquisition of Ballast Point Brewing & Spirits Co. If the acquisition does not close, proceeds will be used to reduce debt and for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.