US: Constellation Brands raises Crown Imports funds in debt offering
The group says it expects the Crown Imports deal to complete next year
Constellation Brands has raised US$641m to buy the remaining 50% share in Crown Imports it doesn't own.
In a debt offering, Constellation sold $650m worth of 4.625% notes due March 2023, the company said yesterday (14 Aug). It will conclude the Crown Imports deal late next year, the group added.
In June, Constellation announced it would take full control of Crown Imports, a marketing and distribution JV between the company and Grupo Modelo, in the wake of the Mexican's brewer's merger with Anheuser-Busch InBev.
A-B InBev did not want to incorporate Crown into its US business because of competition laws.
Constellation also said yesterday it has completed an amendment to its 2012 credit agreement that will allow a $575m delayed draw term loan. The loan will part-finance the Crown Import acquisition.
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