Brown-Forman sells $500M 5.375% notes due 2031

Q: What type and size of debt did BROWN FORMAN CORP (BF-A) just issue?

Brown-Forman issued $500,000,000 aggregate principal amount of 5.375% Notes due 2031. The Notes were sold to a syndicate of underwriters pursuant to an Underwriting Agreement dated September 17, 2026.

Q: What is the interest rate and payment schedule on Brown-Forman’s new 2031 Notes?

The new Notes carry a fixed interest rate of 5.375% per year, with interest payable semi-annually in arrears on April 15 and October 15 of each year, starting on April 15, 2027.

Q: When do Brown-Forman’s 5.375% Notes mature?

Brown-Forman’s 5.375% Notes will mature on October 15, 2031. At that time, the aggregate principal amount of $500,000,000 will be due and payable unless earlier redeemed or accelerated under the Indenture.

Q: How will Brown-Forman (BF-A) use the proceeds from the 5.375% Notes offering?

Brown-Forman intends to use the net proceeds for general corporate purposes, which may include dividends, stock repurchases, repaying, redeeming, or repurchasing existing debt (including commercial paper), and funding working capital, capital expenditures, acquisitions, and pension obligations.

Q: Under what documents were Brown-Forman’s new Notes issued and registered?

The Notes were issued under an Indenture dated April 2, 2007, as supplemented in 2010 and 2015, with U.S. Bank Trust Company, National Association as trustee, and were offered under an automatic shelf registration statement on Form S-3 (File No. 333-294143).

Q: What default and acceleration rights apply to Brown-Forman’s 2031 Notes?

The Indenture includes customary events of default. After any applicable grace period, the trustee or holders of 51% or more in aggregate principal amount of a series may declare the Notes immediately due and payable.

Brown-Forman issued $500 million of 5.375% Notes due 2031 to fund broad general corporate purposes, including potential dividends, buybacks, and debt repayment.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

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.

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8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Notes principal amount: $500,000,000 Coupon rate: 5.375% per year Maturity date: October 15, 2031 +3 more

6 metrics

Notes principal amount $500,000,000 Aggregate principal amount of 5.375% Notes due 2031 issued September 21, 2026

Coupon rate 5.375% per year Stated annual interest rate on the Notes

Maturity date October 15, 2031 Final maturity of the 5.375% Notes

First interest payment April 15, 2027 First semi-annual interest payment date on the Notes

Interest payment schedule Semi-annually on April 15 and October 15 Regular interest payment dates each year

Revolving credit facility size $900,000,000 Principal amount of Brown-Forman’s revolving credit facility referenced in the filing

Key Terms

automatic shelf registration statement, Indenture, Officers’ Certificate, events of default, +1 more

5 terms

automatic shelf registration statement regulatory

"Notes were offered and sold by the Company pursuant to its automatic shelf registration statement"

An automatic shelf registration statement is a pre-approved filing that companies submit to securities regulators, allowing them to sell new shares or bonds quickly and efficiently when needed. It acts like a standing permit, enabling the company to raise money without going through a lengthy approval process each time, which can be helpful for responding promptly to market opportunities or needs. For investors, it provides transparency about the company's ability to raise funds and signals planning flexibility.

Indenture regulatory

"The Notes were issued pursuant to an indenture (the “base indenture”)"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

Officers’ Certificate regulatory

"the Company executed an Officers’ Certificate, dated September 21, 2026"

events of default financial

"The Indenture provides for customary events of default and further provides"

Events of default are specific breaches or failures listed in a loan, bond, or credit agreement that give lenders the right to act, such as demanding immediate repayment, raising interest rates, or taking secured assets. They matter to investors because triggering one is like setting off a financial alarm: it raises the chance of foreclosure, restructuring, or bankruptcy and can sharply reduce the value of a company’s stock or bonds and increase borrowing costs.

revolving credit facility financial

"Some of the Underwriters or their affiliates are lenders under the Company’s $900 million revolving credit facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What type and size of debt did BROWN FORMAN CORP (BF-A) just issue?

Brown-Forman issued $500,000,000 aggregate principal amount of 5.375% Notes due 2031. The Notes were sold to a syndicate of underwriters pursuant to an Underwriting Agreement dated September 17, 2026.

What is the interest rate and payment schedule on Brown-Forman’s new 2031 Notes?

The new Notes carry a fixed interest rate of 5.375% per year, with interest payable semi-annually in arrears on April 15 and October 15 of each year, starting on April 15, 2027.

When do Brown-Forman’s 5.375% Notes mature?

Brown-Forman’s 5.375% Notes will mature on October 15, 2031. At that time, the aggregate principal amount of $500,000,000 will be due and payable unless earlier redeemed or accelerated under the Indenture.

How will Brown-Forman (BF-A) use the proceeds from the 5.375% Notes offering?

Brown-Forman intends to use the net proceeds for general corporate purposes, which may include dividends, stock repurchases, repaying, redeeming, or repurchasing existing debt (including commercial paper), and funding working capital, capital expenditures, acquisitions, and pension obligations.

Under what documents were Brown-Forman’s new Notes issued and registered?

The Notes were issued under an Indenture dated April 2, 2007, as supplemented in 2010 and 2015, with U.S. Bank Trust Company, National Association as trustee, and were offered under an automatic shelf registration statement on Form S-3 (File No. 333-294143).

What default and acceleration rights apply to Brown-Forman’s 2031 Notes?

The Indenture includes customary events of default. After any applicable grace period, the trustee or holders of 51% or more in aggregate principal amount of a series may declare the Notes immediately due and payable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/21/2026 - 04:16 PM Accepted by SEC EDGAR 09/21/2026 - 04:15 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 17, 2026

Brown-Forman Corporation

(Exact Name of Registrant as Specified in its Charter)

Delaware

001-00123

61-0143150

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)


850 Dixie Highway, Louisville, Kentucky		40210
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (502) 585-1100

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock (voting), $0.15 par value	BFA	New York Stock Exchange
Class B Common Stock (nonvoting), $0.15 par value	BFB	New York Stock Exchange
2.600% Notes due 2028	BF28	New York Stock Exchange

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01.

Entry into a Material Definitive Agreement.

On September 21, 2026, Brown-Forman Corporation (the “Company”) completed the sale of $500,000,000 aggregate principal amount of 5.375% Notes due 2031 (the “Notes”). The Company intends to use the net proceeds from this offering for general corporate purposes, which may include dividends, repurchases of stock by the Company pursuant to any authorized stock repurchase program or otherwise, repaying, redeeming, or repurchasing existing debt, including commercial paper, and for working capital, capital expenditures, acquisitions, and funding its pension plan obligations.

The Notes were sold pursuant to an underwriting agreement (the “Underwriting Agreement”), dated September 17, 2026, among the Company, Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc., as representatives of the several underwriters named therein (collectively, the “Underwriters”). The Underwriting Agreement contains customary representations, warranties and agreements of the Company, conditions to closing, indemnification rights and obligations of the parties and termination provisions.

The Notes were issued pursuant to an indenture (the “base indenture”), dated as of April 2, 2007, as supplemented by a first supplemental indenture, dated as of December 13, 2010, and a second supplemental indenture, dated as of June 24, 2015 (collectively, with the base indenture, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee (the “Trustee”). Pursuant to the Indenture, the Company executed an Officers’ Certificate, dated September 21, 2026 (the “Officers’ Certificate”), setting forth the terms of the Notes. Interest on the Notes will accrue at the rate of 5.375% per year. Interest on the Notes will be payable semi-annually in arrears on April 15 and October 15 of each year, beginning April 15, 2027. The Notes will mature on October 15, 2031.

The Indenture provides for customary events of default and further provides that the Trustee or the holders of 51% or more in aggregate principal amount of the outstanding Notes of a series may declare such Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period.

The Notes were offered and sold by the Company pursuant to its automatic shelf registration statement, as defined in Rule 405 of the Securities Act of 1933, as amended, on Form S-3 (File No. 333-294143), filed with the Securities and Exchange Commission on March 9, 2026.

The above description of the Underwriting Agreement, the Indenture, and the Notes is qualified in its entirety by reference to the Underwriting Agreement, the Indenture, the Officers’ Certificate pursuant to the Indenture setting forth the terms of the Notes, and the form of 5.375% Note due 2031 representing the Notes, which are filed as exhibits to this report and are incorporated herein by reference or are otherwise incorporated into this report by reference.

The Underwriters and their affiliates have provided and, in the future, may continue to provide investment banking, commercial banking, and other financial services, including the provision of credit facilities, to the Company in the ordinary course of business for which they have received and will receive customary compensation. Some of the Underwriters or their affiliates are lenders under the Company’s $900 million revolving credit facility. U.S. Bank National Association is the administrative agent under the Company’s $900 million revolving credit facility and is an affiliate of U.S. Bancorp Investments, Inc., one of the Underwriters. The Trustee is also an affiliate of U.S. Bancorp Investments, Inc.

Item 2.03.

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under “Item 1.01. Entry into a Material Definitive Agreement” of this Current Report on Form 8-K regarding the Notes is hereby incorporated by reference into this Item 2.03, to the extent that it relates to the creation of a direct financial obligation.

Item 9.01.

Financial Statements and Exhibits.

(d)

Exhibits


Exhibit No.		Description

1.1		Underwriting Agreement relating to the Notes, dated September 17, 2026, by and among Brown-Forman Corporation and Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc., as representatives of the several underwriters named therein.


4.4		Officers’ Certificate, dated September 21, 2026, pursuant to the indenture, dated April 2, 2007, as supplemented by the first supplemental indenture, dated as of December 13, 2010, and the second supplemental indenture, dated as of June 24, 2015, between Brown-Forman Corporation and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee, setting forth the terms of the Notes.

4.5		Form of 5.375% Note due 2031.

5.1		Opinion of McGuireWoods LLP.

23.1		Consent of McGuireWoods LLP (included in Exhibit 5.1).

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

Previously Filed Exhibit Index


4.1		Indenture, dated as of April 2, 2007, between Brown-Forman Corporation and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.1 of Brown-Forman Corporation’s Current Report on Form 8-K filed on April 3, 2007 (File No. 002-26821)).

4.2		First Supplemental Indenture, dated as of December 13, 2010, between Brown-Forman Corporation and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.2 of Brown-Forman Corporation’s Registration Statement on Form S-3 filed on December 13, 2010 (File No. 333-171126)).

4.3		Second Supplemental Indenture, dated as of June 24, 2015, between Brown-Forman Corporation and U.S. Bank National Association, as Trustee (incorporated by reference to Exhibit 4.3 of Brown-Forman Corporation’s Registration Statement on Form S-3 filed on June 24, 2015 (File No. 333-205183)).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


BROWN-FORMAN CORPORATION

By:		/s/ Michael E. Carr, Jr.
		Michael E. Carr, Jr.
		Executive Vice President, General Counsel and Corporate Secretary

Dated: September 21, 2026

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

8 documents