Constellation Amends and Extends Revolving Credit Facility and a Portion of Term Loan; Intends to Call Senior Subordinated Notes
26 Janvier 2010 - 2:30PM
PR Newswire (US)
VICTOR, N.Y., Jan. 26 /PRNewswire-FirstCall/ -- Constellation
Brands, Inc. (NYSE:STZNYSE:ASX:NYSE:CBR), the world's leading wine
company, announced today that it has successfully amended its
Senior Credit Facility to extend a portion of its revolving credit
facility until June 2013, which was otherwise due to expire in June
2011, and extend $300 million of its $1.2 billion term loan. In
addition, the company announced that it intends to give notice to
call, without penalty on Feb. 25, 2010, all $250 million of its 8
1/8 percent senior subordinated notes due Jan. 15, 2012. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040119/STZLOGO ) "Our current
focus on debt reduction remains unchanged," said Bob Ryder, chief
financial officer. "Through strong free cash flow generation and
the proceeds from asset sales, we have reduced our leverage and
improved our credit profile. We decided to take advantage of our
current position and improved credit markets to extend these debt
maturities and prepay the 2012 senior subordinated notes, which we
expect will lower interest expense." Additional details regarding
these activities are available in the company's filings with the
Securities and Exchange Commission. About Constellation Brands
Constellation Brands is the world's leading wine company that
achieves success through an unmatched knowledge of wine consumers
paired with storied brands that suit varied lives and tastes. With
a broad portfolio of widely admired premium products across the
wine, beer and spirits categories, Constellation's brand portfolio
includes Robert Mondavi, Hardys, Clos du Bois, Blackstone, Arbor
Mist, Estancia, Ravenswood, Jackson-Triggs, Kim Crawford, Corona
Extra, Black Velvet Canadian Whisky and SVEDKA Vodka. Constellation
Brands (NYSE:STZNYSE:andNYSE:STZ.B)(ASX:CBR) is an S&P 500
Index and Fortune 1000® company with more than 100 total brands in
our portfolio, sales in about 150 countries and operations in
approximately 45 facilities. The company believes that industry
leadership involves a commitment to our brands, to the trade, to
the land, to investors and to different people around the world who
turn to our products when celebrating big moments or enjoying quiet
ones. We express this commitment through our vision: to elevate
life with every glass raised. To learn more about Constellation
Brands and its product portfolio visit the company's web site at
http://www.cbrands.com/. Forward-Looking Statements This news
release contains forward-looking statements. The words "intend,"
and "expect," and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. These statements may
relate to Constellation's business strategy, future operations,
prospects, plans and objectives of management, as well as
information concerning expected actions of third parties. All
forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those set
forth in, or implied by, such forward-looking statements. In
addition to risks associated with ordinary business operations, the
forward-looking statements contained in this news release are
subject to other risks and uncertainties, including other factors
and uncertainties disclosed from time to time in the company's
filings with the Securities and Exchange Commission, including its
Annual Report on Form 10-K for the fiscal year ended Feb. 28, 2009,
which could cause actual future performance to differ from current
expectations.
http://www.newscom.com/cgi-bin/prnh/20040119/STZLOGODATASOURCE:
Constellation Brands, Inc. CONTACT: Media, Angie Blackwell,
+1-585-678-7141, or Cheryl Gossin, +1-585-678-7191, or Investor
Relations, Patty Yahn-Urlaub, +1-585-678-7483, or Bob Czudak,
+1-585-678-7170, all of Constellation Brands, Inc. Web Site:
http://www.cbrands.com/
Copyright