The US spirits and wine company Brown-Forman has secured US$700m in financing in a 364-day deal with a group of banks. The money is to be used to repurchase of up to 8.3m shares.
The company announced earlier this month that it wishes to buy back class A and B shares in a Dutch auction tender offer.
The banks involved in the deal include JPMorgan Chase Bank as administrative agent and Bank of America and Bank One as co-syndication agents.
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