Constellation Brands has launched an exchange offer for US$700m-worth of senior notes.

The drinks company said yesterday (6 December) that it wants to exchange the 7.25% senior notes, which are registered under the Securities Act of 1933, for all $700m of its currently outstanding note, at the same percentage rate and due date of 2017, which are not registered under the act.

"The company will not receive any proceeds from the exchange offer, nor will the company's debt level change as a result of this exchange offer," Constellation said. "The terms of the exchange notes and the original notes are substantially identical in all material respects."