Constellation Brands, Inc. -- Moody's assigns Ba1 to Constellation Brands' $1.5 billion senior unsecured notes; outlook negative

New York, April 30, 2013 -- Moody's Investors Service today assigned a Ba1 rating to Constellation Brands'(Constellation's) proposed new $1.55 billion senior unsecured notes and a loss given default assessment of LGD 4 (51%). The company's Ba1 CFR and other ratings were not changed. The proceeds will be used, together with about $3 billion in new bank debt and draw downs under existing bank and securitization facilities (unrated), to finance the acquisition of Modelo's 50% share in the Crown distribution joint venture as well as the acquisition of the Piedras Negras brewery in Mexico. This follows the announced regulatory settlement with the U.S. Department of Justice. The notes are callable in the event that the transaction does not close by year end. The rating outlook remains negative.

Vollständigen Artikel bei Moodys lesen