Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers C > Headlines for Constellation Brands Inc. > News item |
Constellation Brands to call $250 million 8 1/8% senior notes due 2012
By Devika Patel
Knoxville, Tenn., Jan. 26 - Constellation Brands Inc. said it plans to call all $250 million of its 8 1/8% senior subordinated notes due Jan. 15, 2012 on Feb. 25.
The company also said it has extended its senior credit facility, which was due to expire in June 2011, until June 2013 and extended $300 million of its $1.2 billion term loan.
"Our current focus on debt reduction remains unchanged," chief financial officer Bob Ryder said in a press release. "Through strong free cash flow generation and the proceeds from asset sales, we have reduced our leverage and improved our credit profile.
"We decided to take advantage of our current position and improved credit markets to extend these debt maturities and prepay the 2012 senior subordinated notes, which we expect will lower interest expense."
Constellation Brands is a Victor, N.Y.-based producer and marketer of beverage alcohol brands in wine, spirits and imported beer categories.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.