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Constellation Brands to price $400 million 10-year bullet Thursday
By Paul A. Harris
Portland, Ore., Nov. 19 – Constellation Brands, Inc. plans to price a $400 million offering of 10-year senior bullet notes in a quick-to-market transaction on Thursday, according to a market source.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Rabo Securities, Wells Fargo Securities LLC, SunTrust Robinson Humphrey Inc. and MUFG are the joint bookrunners for the public offering.
Goldman Sachs & Co., Scotia Capital, Barclays and BBVA are the co-managers.
The notes feature a make-whole call at Treasuries plus 50 basis points but are otherwise non-callable. They also feature a 101% poison put.
The Victor, N.Y.-based beverage alcohol company plans to use the proceeds, along with cash on hand and bank debt, to fund a portion of the acquisition of Ballast Point Brewing & Spirits Co. If the acquisition does not close, proceeds will be used to reduce debt and for general corporate purposes.
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