Constellation Brands Announces Full Redemption of Senior Floating Rate Notes Due 2021
Constellation Brands has announced its plans to redeem all outstanding Senior Floating Rate Notes due 2021, totaling $650 million. This redemption will take place on November 30, 2020, at 100% of the principal amount plus accrued interest. This strategic financial move reflects Constellation's commitment to managing its debt effectively. The company is a leading player in the beverage alcohol sector, known for brands like Corona and Modelo, and is continuously focusing on strengthening its market position.
- Company strengthening its balance sheet by redeeming $650 million in Senior Floating Rate Notes.
- Redemption reflects proactive debt management strategies.
- None.
VICTOR, N.Y., Oct. 30, 2020 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE: STZ and STZ.B), a leading beverage alcohol company, announced today that it has given notice for full redemption prior to maturity of all of its outstanding Senior Floating Rate Notes due 2021 (CUSIP Number: 21036PBA5) (the "notes") to be effected on November 30, 2020 (the "redemption date"). As of October 30, 2020, there were
The redemption price for the notes, payable in cash, will be equal to
ABOUT CONSTELLATION BRANDS
Constellation Brands is an international producer and marketer of beer, wine and spirits with operations in the U.S., Mexico, New Zealand, and Italy. Constellation is the third-largest beer company in the U.S. and a leading, higher-end wine and spirits company in the U.S. market. Constellation’s brand portfolio includes Corona Extra, Corona Light, Corona Premier, Modelo Especial, Modelo Negra, Pacifico, the Robert Mondavi brand family, Kim Crawford, Meiomi, The Prisoner brand family, SVEDKA Vodka, Casa Noble Tequila, and High West Whiskey.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements which are not historical facts and relate to future plans, events or performance are forward-looking statements that are based upon management’s current expectations and are subject to risks and uncertainties. The forward-looking statements are based on management's current expectations and should not be construed in any manner as a guarantee that such events or results will in fact occur. All forward-looking statements speak only as of the date of this news release and Constellation Brands undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Detailed information regarding risk factors with respect to the company are included in the company’s filings with the SEC.
| MEDIA CONTACTS | INVESTOR RELATIONS CONTACTS |
| Mike McGrew 773-251-4934 / michael.mcgrew@cbrands.com Amy Martin 585-678-7141 / amy.martin@cbrands.com | Patty Yahn-Urlaub 585-678-7483 / patty.yahn-urlaub@cbrands.com Marisa Pepelea 312-741-2316 / marisa.pepelea@cbrands.com |
A downloadable PDF copy of this news release can be found here. http://ml.globenewswire.com/Resource/Download/d4003f7a-7101-49f2-bfe9-a4308d850828
FAQ
What is the amount being redeemed by Constellation Brands for its Senior Floating Rate Notes?
When is the redemption date for Constellation Brands' Senior Floating Rate Notes?
What will happen to the interest on the Senior Floating Rate Notes being redeemed by Constellation Brands?
What does the redemption of Senior Floating Rate Notes indicate about Constellation Brands' financial strategy?
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