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.
This is the second edition of our popular ranking of the world's leading spirits brands....
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