The US spirits and wine company Brown-Forman has secured US$700m in financing in a 364-day deal with a group of banks. The money is to be used to repurchase of up to 8.3m shares.

The company announced earlier this month that it wishes to buy back class A and B shares in a Dutch auction tender offer.

The banks involved in the deal include JPMorgan Chase Bank as administrative agent and Bank of America and Bank One as co-syndication agents.