Constellation Brands to sell $700 million 10-year senior notes

By Paul A. Harris

St. Louis, May 8 - Constellation Brands, Inc. will host an investor call at 10:30 a.m. ET on Wednesday to present its $700 million offering of 10-year senior bullet notes (expected ratings Ba3/BB-), according to a market source.

Banc of America Securities LLC is the left bookrunner. Citigroup is the joint bookrunner.

The Rule 144A with registration rights notes will come with a make-whole provision at Treasuries plus 50 basis points.

Proceeds will be used to repay revolving credit facility debt.

Constellation Brands is a Fairport, N.Y., producer and marketer of beverage alcohol brands.

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