US: Brown-Forman lines up notes to cover dividend pay-out
Brown-Forman has released details of a US$750m note issuance to fund its recently-announced special dividend payment.
The US spirits company said late yesterday (10 December) that the senior unsecured notes will comprise three tranches. The funds will be used principally used to cover the $850m special dividend pledged to shareholders at the end of last month.
The three tranches are:
- $250m principal amount of 1.00% five-year Senior Notes due on 15, January 2018
- $250m principal amount of 2.25% ten-year Senior Notes due on 15 January 2023
- $250m principal amount of 3.75% 30-year Senior Notes due on 15 January 2043
The notes offering will close tomorrow, Brown-Forman said.
Earlier this week, brand valuation consultancy Intangible Business released the results of its latest survey of the world's spirits brands. Here's a look at the top ten, along with the methodology use...
- Comment - How Hand-Made is Tito's Handmade Vodka?
- Heineken to stay "active player" in beer M&A - CFO
- Focus - Pernod Ricard's Q1 sales by brand
- Time for Heineken to make a European break
- Analysis - Remy's Cognac "dead-cat bounce"
- Moët Hennessy unveils first Travel Retail outlet
- Whisky downturn slows Diageo's Scotch spend
- Beam Suntory, Edrington part ways in Travel Retail
- Pernod Ricard sees sales lift in Q1
- Smirnoff Ice gets India launch