Constellation Brands launches $1 billion term loan B at OID of 99¾

By Sara Rosenberg

New York, April 24 - Constellation Brands Inc. (CIH International SARL) launched with a call on Wednesday its $1 billion seven-year term loan B with original issue discount talk of 993/4, according to a market source.

As previously reported, pricing on the loan is guided at Libor plus 200 basis points to 225 bps with a 0.75% Libor floor.

The term loan B has 101 soft call protection for one year, the source said.

J.P. Morgan Securities LLC, BofA Merrill Lynch, Wells Fargo Securities LLC and Barclays are the lead banks on the deal.

Proceeds will be used to help fund the acquisition of Grupo Modelo's U.S. business.

Constellation Brands is a Victor, N.Y.-based wine company.

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