US wine group, Constellation Brands, has completed its public offering of common and mandatory convertible preferred stock, raising about US$427.4m.
The funds will be used to repay financing costs incurred when the company acquired BRL Hardy.
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The company also updated its earnings guidance for fiscal 2004 to
reflect the new shares. Diluted earnings per share on a comparable basis are expected to range between US$2.44 and US$2.51 per share.
Full-year earnings per share on a GAAP basis are likely to reach US$1.89 to US$1.96, the company said.
