USA: Constellation Brands prices offering of $1.5 billion aggregate principal amount of Senior Notes

Constellation Brands, Inc., a leading beverage alcohol company, announced on May 3 that it priced the public offering of $1.5 billion aggregate principal amount of Senior Notes, consisting of (i) $500.0 million of 2.70% Senior Notes due 2022 (the "2022 notes") for a public offering price of 99.782% of the principal amount of the 2022 notes; (ii) $500.0 million of 3.50% Senior Notes due 2027 (the "2027 notes") for a public offering price of 99.766% of the principal amount of the 2027 notes; and (iii) $500.0 million of 4.50% Senior Notes due 2047 (the "2047 notes") for a public offering price of 99.559% of the principal amount of the 2047 notes (collectively, the "notes").

The notes will be senior obligations that rank equally with all of Constellation's other senior unsecured indebtedness, and will be guaranteed by the subsidiaries of Constellation that are guarantors under Constellation's senior credit facility.

Closing of the offering is expected to occur on May 9, 2017. Constellation intends to use the net proceeds from the offering to repay all of its outstanding 7.250% Senior Notes due May 2017 in the aggregate principal amount of $700 million and to repay a portion of the outstanding indebtedness under its U.S. Term A Loan.

Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities LLC are acting as the joint book-running managers of the offering.

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