Constellation Brands to pay down term loan with new note proceeds

By Mary-Katherine Stinson

Lexington, Ky., April 27 – Constellation Brands, Inc. intends to use a portion of the proceeds from a new issuance of senior notes to repay its delayed-draw three-year term loan from Aug. 9, 2022, according to a 424B3 filing with the Securities and Exchange Commission.

The loan matures Nov. 10, 2025 and has an interest rate of SOFR plus 113 basis points.

In a footnote, the company noted it was aiming to pay off $500 million of the facility.

The international beverage alcohol company is based in Victor, N.Y.

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