New Issue: Brown-Forman prices $650 million 4.75% 10-year notes at 120 bps spread

By Wendy Van Sickle

Columbus, Ohio, March 21 – Brown-Forman Corp. priced $650 million of 4.75% 10-year senior notes (A1/A-) on Tuesday at Treasuries plus 120 basis points, according to an FWP filing with the Securities and Exchange Commission.

Pricing was at 99.704 to yield 4.787%.

The bookrunners are BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc., Barclays and Scotia Capital (USA) Inc.

Proceeds will be used to repay debt under the company’s term loan, with the remainder to be used for general corporate purposes.

The global spirits maker is based in Louisville, Ky.

Issuer:	Brown-Forman Corp.
Amount:	$650 million
Issue:	Notes
Maturity:	April 15, 2033
Bookrunners:	BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc., Barclays and Scotia Capital (USA) Inc.
Co-manager:	Siebert Williams Shank & Co., LLC
Trustee:	U.S. Bank Trust Co. NA
Counsel to issuer:	McGuireWoods LLP
Counsel to underwriters:	Cravath, Swaine & Moore LLP
Coupon:	4.75%
Price:	99.704
Yield:	4.787%
Spread:	Treasuries plus 120 bps
Call:	Treasuries plus 20 bps prior to Jan. 15, 2033, then callable at par
Trade date:	March 21
Settlement date:	March 23
Ratings:	Moody’s: A1
	S&P: A-
Distribution:	SEC registered
Cusip:	115637AU4

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