Constellation Brands prices tenders for 3.2%, 4.25% notes due 2023

By Wendy Van Sickle

Columbus, Ohio, May 6 – Constellation Brands, Inc. priced its cash tender offers for any and all of two series of notes due in 2023, according to a news release.

The company is offering to buy the $600 million outstanding 3.2% senior notes due 2023 (Cusip: 21036PAX6) for $1,008.81 per $1,000 principal amount, based on the 1.5% U.S. Treasury due Jan. 15, 2023 plus 12.5 basis points.

The second series is the $1.05 billion outstanding 4.25% senior notes due 2023 (Cusip: 21036PAL2) for $1,015.39 per $1,000 principal amount, based on the 1.625% U.S. Treasury due April 30, 2023 plus 50 bps.

Interest will also be paid to the settlement date.

The offers will expire at 5 p.m. ET on May 6, also the withdrawal deadline.

Pricing took place at 11 a.m. ET on May 6.

Settlement is scheduled for May 9.

The deadline for guaranteed delivery is 5 p.m. ET on May 10.

There is a financing condition, a successful offer of new senior notes, for the tender offers.

BofA Securities is the dealer manager (888 292-0070, 980 387-3907, debt_advisory@bofa.com).

D.F. King & Co., Inc. is the information and tender agent for the offer (800 949-2583, 212 269-5550, stz@dfking.com).

Constellation Brands is a Victor, N.Y.-based producer, importer and distributor of beer, wine and liquor.

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