Constellation Brands to redeem its $650 million of 4 5/8% senior notes

By Tali David

Minneapolis, Feb. 15 - Constellation Brands, Inc. plans to redeem its $650 million of 4 5/8% senior notes due 2023, according to a press release.

The notes, which were issued in August 2012, will be redeemed at par plus accrued interest on Feb. 20.

Based on the differences between the original Crown Imports acquisition and the recently announced revised agreement for Constellation's acquisition of the complete U.S. business of Grupo Modelo, the company said it determined that the conditions for the release of proceeds cannot be satisfied.

Constellation Brands is a Victor, N.Y.-based producer and marketer of beverage alcohol brands in wine, spirits and imported beer categories.

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