01—Abstract
Summary
Summary of the 8-K filed April 29, 2025. Cited figures are marked; the original filing is the authoritative source.
On April 29, 2025, Constellation Brands, Inc. (NYSE: STZ) announced that it priced a public offering of $500.0 milliona aggregate principal amount of 4.800% Senior Notes due 2030.
The notes were priced at 99.824%b of principal amount. The notes will be senior unsecured obligations ranking equally with Constellation's other senior unsecured indebtedness. Closing of the offering is expected on May 1, 2025, subject to customary closing conditions.
Constellation intends to use the net proceeds for general corporate purposes, including repayment of commercial paper and other indebtedness, working capital, funding capital expenditures, and other business opportunities. The filing is a Regulation FD disclosure furnishing the pricing news release as Exhibit 99.1.
BofA Securities, BNP Paribas, Goldman Sachs & Co. LLC, and J.P. Morgan Securities are joint book-running managers of the offering.
02—Key points
Key Highlights
- Priced a $500.0 million offering of 4.800% Senior Notes due 2030
- Notes priced at 99.824% of principal amount
- Notes rank equally with all other senior unsecured indebtedness of Constellation
- Expected closing date of May 1, 2025, subject to customary closing conditions
- Net proceeds intended for general corporate purposes, including repayment of commercial paper and other indebtedness, working capital, and capital expenditures
- BofA Securities, BNP Paribas, Goldman Sachs & Co. LLC, and J.P. Morgan Securities are joint book-running managers
- Information furnished under Item 7.01 (Regulation FD) and not deemed filed under Section 18 of the Exchange Act
03—Questions
Frequently Asked Questions
What is the size and coupon of the notes being offered?
Constellation priced $500.0 million aggregate principal amount of 4.800% Senior Notes due 2030.
At what price were the notes offered?
The public offering price was 99.824% of the principal amount of the notes.
When is the offering expected to close?
Closing is expected to occur on May 1, 2025, subject to the satisfaction of customary closing conditions.
How will Constellation use the net proceeds?
The company intends to use the net proceeds for general corporate purposes, including repayment of commercial paper and other indebtedness, working capital, funding capital expenditures, and other business opportunities.
How do the notes rank relative to Constellation's other debt?
The notes will be senior obligations that rank equally with all of Constellation's other senior unsecured indebtedness.
04—Continue