Brown-Forman Corporation (BF-A) completed a new debt financing by issuing $500,000,000 aggregate principal amount of 5.375% Notes due 2031 on September 21, 2026. The Notes were sold under an Underwriting Agreement with a syndicate led by Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc.
The Notes bear interest at 5.375% per year, payable semi-annually in arrears on April 15 and October 15 of each year, beginning April 15, 2027, and mature on October 15, 2031. Brown-Forman plans to use the net proceeds for general corporate purposes, which may include dividends, share repurchases, repayment or redemption of existing debt (including commercial paper), working capital, capital expenditures, acquisitions, and pension plan funding.
The Notes were issued under Brown-Forman’s existing Indenture with U.S. Bank Trust Company, National Association as trustee, which includes customary events of default allowing the trustee or holders of at least 51% in principal amount of a series to accelerate the Notes. The offering was made pursuant to an automatic shelf registration statement on Form S-3.
Brown-Forman Corporation (BF-A) is offering $500,000,000 aggregate principal amount of 5.375% senior unsecured notes due October 15, 2031. The notes are priced at 99.872% of principal with a 0.600% underwriting discount, generating approximately $496.36 million in gross proceeds and an estimated $495 million in net proceeds after expenses.
Interest is paid semiannually on April 15 and October 15, beginning April 15, 2027, in minimum denominations of $2,000. The notes rank equally with other unsecured senior debt and are effectively and structurally subordinated to secured debt and subsidiary liabilities. Holders have a put right at 101% upon a Change of Control Triggering Event, and the notes are redeemable at the issuer’s option, including a make-whole call before September 15, 2031 and par call thereafter.
Net proceeds will be used for general corporate purposes, potentially including dividends, share repurchases, refinancing of existing debt and commercial paper, working capital, capital expenditures, acquisitions, and pension funding. Fiscal 2026 net sales were approximately $3,928 million with net income of $715 million.
Brown-Forman Corporation (BF-A) is offering a new series of unsecured senior notes under its shelf registration, with interest payable semiannually and maturity and coupon to be fixed at pricing. The notes rank equally with Brown-Forman’s other unsecured senior debt and are effectively and structurally subordinated to secured debt and subsidiary liabilities.
The notes are callable at Brown-Forman’s option, including a make‑whole call before a defined par call date and par redemption thereafter, and carry a holder put at 101% of principal plus accrued interest if a Change of Control Triggering Event occurs. Net proceeds are intended for general corporate purposes, including dividends, share repurchases, debt repayment (including commercial paper), working capital, capital expenditures, acquisitions, and pension funding.
Brown-Forman reported net sales of approximately $3,928 million and net income of approximately $715 million for the fiscal year ended April 30, 2026. As of July 31, 2026, total assets were $7,825 million, cash and cash equivalents were $301 million, long‑term debt was $2,083 million, and unsecured senior debt totaled about $2,442 million.
Brown-Forman Corporation (BF) reported slightly lower first-quarter fiscal 2027 net sales of $911 million, down 1% from $924 million a year earlier, as unfavorable price/mix and the end of the Korbel relationship offset higher volumes, positive foreign exchange, and ready-to-drink growth. Gross profit declined 1% to $549 million, but gross margin improved to 60.2% from 59.8%, helped by lower costs and exiting Korbel, partly offset by FX and mix. Operating income fell 3% to $252 million, and operating margin edged down to 27.7% from 28.2% due to higher SG&A despite lower advertising and the absence of restructuring charges.
Net income increased to $176 million from $170 million, and diluted EPS rose 6% to $0.38, driven mainly by sharply lower non-operating postretirement expense and the prior year’s share repurchases. Operating cash flow improved to $173 million from $160 million on stronger earnings and lower working capital needs. Brown-Forman repaid the €300 million 1.20% notes that matured in July 2026 and raised commercial paper borrowings to $359 million, while maintaining total assets around $7.8 billion and total equity near $4.0 billion. Management reports no material legal, liquidity, or control issues and has completed its previously announced restructuring initiative.
Brown-Forman Corporation (BF) reported first-quarter fiscal 2027 results for the period ended July 31, 2026, with reported net sales down 1% to $911 million and reported operating income down 3% to $252 million, while organic operating income rose 4%. Diluted EPS increased 6% to $0.38, helped by lower non-operating postretirement expense and prior-year share repurchases.
Ready-to-Drink net sales grew 20% (organic +11%), led by New Mix, while tequila net sales fell 12% and non-branded and bulk net sales fell 61%. Operating cash flow rose to $173 million and free cash flow to $161 million. The company repaid $343 million of 1.20% senior notes and declared a quarterly dividend of $0.2310 per share, extending its 82-year dividend history. For fiscal 2027, Brown-Forman expects flat organic net sales and a 3%–5% decline in organic operating income, with capital expenditures of $60–$70 million.
TODMAN MICHAEL reported acquisition or exercise transactions in this Form 4 filing.
Brown-Forman Corp director Michael Todman received a grant of 6,476.1905 Deferred Stock Units (DSUs) linked to Class A common stock on July 23, 2026. The award was calculated using the $26.25 Class A closing price that day, bringing his directly held DSUs to 42,555.3111. Under the non-employee director DSU program, annual DSU grants vest over the Board year, earn additional DSU credits on each dividend payment date, and are paid out in Class A shares on the first February 1 at least six months after his Board service ends.
Skeans Tracy L reported acquisition or exercise transactions in this Form 4 filing.
Brown-Forman Corp director Tracy L. Skeans received a grant of 6,476.1905 Deferred Stock Units (DSUs) on July 23, 2026, as director compensation. Each DSU represents one share of Class A common stock and the grant was based on the $26.25 closing price that day. DSUs vest over the Board year, earn dividend-equivalent credits, and are paid in Class A shares after Board service ends. Following this award, Skeans holds 37,952.2656 DSUs directly.
SMITH ELIZABETH A reported acquisition or exercise transactions in this Form 4 filing.
Brown-Forman Corp director Elizabeth A. Smith received a grant of 9523.8095 Deferred Stock Units (DSUs) on July 23, 2026 under the Non-Employee Director Deferred Stock Unit Program. Each DSU represents the right to receive one share of Class A common stock, with the grant based on the $26.25 closing price that day.
DSUs earn dividend-equivalent credits, vest over the course of the Board year, and are paid in Class A stock on the first February 1 at least six months after Smith’s termination from Board service. Following this grant she holds 28063.4136 DSUs directly.
Singer Jan reported acquisition or exercise transactions in this Form 4 filing.
Brown-Forman Corp director Jan Singer received a grant of 6,476.1905 Deferred Stock Units (DSUs) on July 23, 2026 under the Amended and Restated Non-Employee Director Deferred Stock Unit Program, each tied to one Class A share and based on a $26.25 closing price. This grant increased her directly held DSUs to 20,920.0574, which vest over the Board year and are paid in Class A stock after she leaves the Board, with at least a six-month delay.
RONEY MICHAEL J reported acquisition or exercise transactions in this Form 4 filing.
Brown-Forman Corp director Michael J. Roney received a grant of 6,476.1905 Deferred Stock Units (DSUs) on July 23, 2026. Each DSU represents one share of Class A common stock, with the award based on the $26.25 closing price and vesting over the Board year. DSUs are paid out in Class A stock after Board service ends, and credited dividend equivalents bring his total to 53,187.1166 DSUs held directly.