US: Brown-Forman to pay off 2014 notes
Brown-Forman will pay off the notes next month
Brown-Forman has said it will next month pay off US$250m worth of 5% notes due in 2014.
The group will use a “combination of cash and short-term borrowings to fund the redemption” around 25 February, it said today (24 January). “The redemption is expected to lower pre-tax interest expense by approximately $2m in the fourth quarter of fiscal 2013 and $8m in fiscal 2014,” it said in a statement.
Last month, the Kentucky-headquartered group released details of a US$750m note issuance to fund its recently-announced special dividend payment.
It also reported a 16% jump in first-half net profits to US$320.5m.
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