US: Constellation Brands lines up Crown Imports funds
By Andy Morton | 15 May 2013
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Constellation is to acquire a Mexican brewery |
Constellation Brands has raised US$1.55bn in a debt offering to help pay for its full takeover of Crown Imports.
The company said today (15 May) it has also taken on a new credit agreement that will give access to a further $1.5bn. Constellation agreed in June to buy the remaining half of Crown Imports for $1.85bn, as a result of Anheuser-Busch InBev's deal to buy Modelo.
Constellation will also pay $2.9 billion for the Piedras Negras brewery and perpetual rights for Corona and the Modelo brands in the US, according to a company spokesperson. The group has committed up to $600m to upgrading the Mexican brewery.
Last month, an analyst said the brewery will help Constellation reduce margins and tackle rising costs.
Expert analysis
Alcoholic Drinks in Mexico
Alcoholic Drinks in Mexico industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2007-11, and forecast to 2016). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. Essential resource for top-line data and analysis covering the Mexico alcoholic drinks market. Includes market size and segmentation data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information.
Sectors: Beer & cider, Mergers & acquisitions
Companies: Constellation, Modelo, InBev
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