Constellation Brands prices $500M senior notes

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• Constellation Brands (NYSE:STZ) on Monday priced the public offering of its $500 million, 5.000% senior notes due 2026, for a public offering price of 99.829% of the principal amount of the notes.
• Shares -1.8% after the bell at $222.18.
• The notes will be senior obligations that rank equally with all of Constellation’s other senior unsecured indebtedness, the company said.
• Closing of the offering is expected to occur on February 2, 2023.
• Constellation intends to use the net proceeds from the offering for general corporate purposes, including the repayment of a portion of its indebtedness outstanding under the delayed draw three-year term loan facility of its term loan credit agreement, dated as of August 9, 2022, as amended on October 18, 2022.