Constellation Brands Enters Into New Senior Credit Facility
(Thomson Reuters ONE) -
VICTOR, N.Y., May 3, 2012 - Constellation Brands, Inc. (NYSE: STZ), the world's
leading premium wine company, announced today that it has entered into a new
senior credit facility. The new agreement includes an $850 million five-year
revolving credit facility, a five-year $550 million term loan A and a seven-year
$250 million term loan A-1.
The new revolving credit facility is undrawn at this time. Proceeds from the
new term loans were used to repay term loans under the company's previous senior
credit facility. This activity follows the recently completed issuance of $600
million of 6% Senior Notes due May 2022.
"We are taking advantage of our improved credit profile and the attractive
interest rate environment to enhance our financial flexibility," said Bob Ryder,
chief financial officer, Constellation Brands. "This refinancing activity, along
with our expected strong free cash flow, provides ample liquidity for
Constellation's anticipated capital needs over the next several years. Our goal
is to continue to target a leverage ratio of three to four times debt to
comparable basis EBITDA during fiscal 2013."
About Constellation Brands
Constellation Brands is the world's leading premium wine company that achieves
success through an unmatched knowledge of wine consumers, storied brands that
suit varied lives and tastes, and talented employees worldwide. With a broad
portfolio of widely admired premium products across the wine, beer and spirits
categories, Constellation's brand portfolio includes Robert Mondavi, Clos du
Bois, Blackstone, Arbor Mist, Estancia, Ravenswood, Ruffino, Jackson-Triggs,
Inniskillin, Kim Crawford, Corona Extra, Black Velvet Canadian Whisky and SVEDKA
Vodka.
Constellation Brands (NYSE: STZ and STZ.B) is a S&P 500 Index and Fortune 1000®
company with more than 100 brands in our portfolio, sales in about 100 countries
and operations in approximately 30 facilities. The company believes that
industry leadership involves a commitment to our brands, to the trade, to the
land, to investors and to different people around the world who turn to our
products when celebrating big moments or enjoying quiet ones. We express this
commitment through our vision: to elevate life with every glass raised. To learn
more about Constellation, visit the company's website at www.cbrands.com.
Forward-Looking Statement
This news release contains forward-looking statements. The words "anticipate,"
"intend," and "expect," and similar expressions are intended to identify
forward-looking statements, although not all forward-looking statements contain
such identifying words. These statements may relate to Constellation's business
strategy, future operations, prospects, plans and objectives of management, as
well as information concerning expected actions of third parties. All forward-
looking statements involve risks and uncertainties that could cause actual
results to differ materially from those set forth in or implied by the forward-
looking statements.
In addition to risks associated with ordinary business operations, the forward-
looking statements contained in this news release are subject to other risks and
uncertainties, including:
* ability to achieve expected levels of free cash flow generation and target
debt leverage ratio due to different financial results from those
anticipated; and
* other factors and uncertainties disclosed from time to time in the company's
filings with the Securities and Exchange Commission, including its Annual
Report on Form 10-K for the fiscal year ended Feb. 29, 2012, which could
cause actual future performance to differ from current expectations.
CONTACTS
Media
Angie Howland Blackwell - 585-678-7141
Cheryl Gossin - 585-678-7191
Investor Relations
Patty Yahn-Urlaub - 585-678-7483
Bob Czudak - 585-678-7170
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Constellation Brands Inc via Thomson Reuters ONE
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Datum: 03.05.2012 - 16:16 Uhr
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