Constellation Brands Announces Full Redemption of 2.700% Senior Notes Due 2022 and 2.650% Senior Notes Due 2022
Constellation Brands has announced the full redemption of its 2.700% and 2.650% Senior Notes due 2022, totaling $1.2 billion, scheduled for August 25, 2021.
Sentiment and the balance of points
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Rhea-AI Summary
Constellation Brands has announced the full redemption of its 2.700% and 2.650% Senior Notes due 2022, totaling $1.2 billion, scheduled for August 25, 2021. The redemption will include an estimated cash make-whole premium of around $27 million. This move indicates the company's strategy to manage its debt effectively as it continues to operate in the beverage alcohol sector, which includes well-known brands like Corona and Modelo.
Positive
- Redemption of $1.2 billion in Senior Notes exhibits proactive debt management.
- Expected make-whole premium of $27 million indicates calculated financial strategy.
Negative
- None.
Details
News Market Reaction – STZ
The recorded move for STZ in the trading session of this news was +0.68%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
VICTOR, N.Y., July 26, 2021 (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
The redemption price for the notes, payable in cash, will be calculated pursuant to the formula set forth in the supplemental indentures relating to the notes, and will include an expected total make-whole premium of approximately
ABOUT CONSTELLATION BRANDS
Constellation Brands is a leading international producer and marketer of beer, wine and spirits with operations in the U.S., Mexico, New Zealand, and Italy. 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/153399af-1757-40a8-859c-634162a3fbc8
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