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US: Constellation eyes loan for takeover - report

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Constellation Brands is looking to raise US$1.2bn in a bank loan, according to a press report today (9 November). The money will be used in the attempted acquisition of Vincor International.

According to a report by Dow Jones, who cited a person involved in the transaction, the fund will include a US$900m term loan with interest proposed at 1.75 percentage points more than the London interbank offered rate.

Constellation is also seeking a US$300m so-called delayed-draw term loan, with interest at Libor plus 1.5 percentage points, Dow Jones said.

Constellation is currently trying to acquire Vincor, which has so far recommended that shareholders reject the US drinks group's offer, while seeking alternative bidders for its business.


Sectors: Wine

Companies: Constellation Brands

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