US: Constellation offering raises US$700m
Constellation Brands has completed a public offering and has raised just under US$700m.
The drinks company confirmed yesterday (15 August) that the sale of US$700m worth of senior notes has finished. The notes are due in 2016 and have a 7.25% coupon at a price of 99.02% of the principal amount of the senior notes.
Constellation said that the funds - around US$685m after expenses and underwriters' discounts - will be used "to reduce a corresponding amount of borrowings under its (Constellation's) senior bank credit facility."
The notes are senior obligations that rank equally with all of Constellation's other senior unsecured indebtedness, the company said, and will be guaranteed by the subsidiaries that are guarantors under Constellation's senior bank credit facility.
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