Key Developments: Constellation Brands Inc (STZ)
51.45USD
20 May 2013
$-0.76 (-1.46%)
$52.21
$51.90
$52.10
$51.37
1,243,817
2,735,553
$53.00
$18.50
Latest Key Developments (Source: Significant Developments)
Grupo Modelo SAB de CV Issues Prospectus On Corporate Restructuring And Divestiture Of Certain Assets, Including Sale Of Total Stake In Crown Imports LLC To Constellation Brands Inc
Grupo Modelo SAB de CV announced that it has issued the Prospectus on its Corporate Restructuring, which consists of carrying out divestiture of certain assets of the Company, and in particular confirming the sale of the total stake which the Company holds, through GModelo Corporation Inc., in Crown Imports LLC to Constellation Brands Inc; the sale of the brewery of Piedras Negras, Coahuila, through the sale of 100% of Compania Cervecera de Coahuila S de RL de CV and Servicios Modelo de Coahuila S de RL de CV; other operations related with the sale of Crown and Piedras Negras. Full Article
Constellation Brands Inc Closes Debt Offering And Completes Arrangements For Other Permanent Financing For Beer Acquisition
Constellation Brands Inc announced that it has completed the sale of $1,550 million aggregate principal amount of Senior Notes consisting of $500 million of 3.75% Senior Notes due 2021 and $1,050 million of 4.25% Senior Notes due 2023. The Notes are senior obligations that rank equally with the Company's other senior unsecured indebtedness. The notes are and will be guaranteed by the subsidiaries that are guarantors under the Company's senior credit facility. In addition, on May 2, 2013, Constellation entered into an amended and restated credit agreement. Among other changes, this agreement creates a $1,500 million delayed draw European term loan facility consisting of a committed $500 million European Term A loan facility and a $1,000 million European Term B loan facility and a new committed $675 million delayed draw U.S. term loan facility. The company expects to use the net proceeds from the sale of the notes and the European and U.S. term loans, plus cash on hand, revolver borrowings under the company's senior credit facility, and borrowings under the company's accounts receivable securitization facility to fund its previously announced beer business transaction. Full Article
Court Allows Settlement Among the Department of Justice, Anheuser Busch Inbev SA, Grupo Modelo SAB de CV and Constellation Brands Inc
Grupo Modelo SAB de CV announced that on April 22, 2013 the Court signed the previously announced stipulation and order between Grupo Modelo SAB de CV (Grupo Modelo), Anheuser Busch Inbev SA (AB Inbev), Constellation Brands Inc and the Department of Justice that resolves the Department of Justice’s challenge to AB Inbev’s proposed acquisition of the remaining shares of Grupo Modelo that it does not already own. The parties had requested the Court's signature of the stipulation and order on April 19, 2013. Grupo Modelo expects to complete the transaction in June 2013. Full Article
Constellation Brands Inc Issues FY 2014 EPS Guidance In Line With Analysts' Estimates-Conference Call
Constellation Brands Inc announced that it is forecasting comparable-basis diluted EPS to be in the range of $2.55-$2.85 a share. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $2.78 for fiscal 2014. Full Article
Grupo Modelo SAB de CV, Constellation Brands Inc, Crown Imports And Anheuser Busch Inbev SA Reach Agreement With Department Of Justice On Litigation; Parties Request Extension Of Proceedings
Grupo Modelo SAB de CV (Grupo Modelo) announced that Grupo Modelo, Anheuser-Busch InBev SA (AB InBev), Constellation Brands, Inc. (Constellation) and Crown Imports LLC have reached an agreement in principle with the United States Department of Justice on a proposed resolution to the Department of Justice’s litigation challenging AB InBev’s proposed acquisition of the remaining stake in Grupo Modelo that it does not already own. The proposed resolution is in line with the revised transaction announced on February 14, 2013. In connection with this agreement, the parties and the Department of Justice have jointly approached the Court and requested an extension of the stay of the proceedings until April 23, 2013. This stay will allow the parties to finalize the details of a proposed consent judgment and the related definitive agreements and papers required for settlement. The parties stated in their filing with the Court that they expect for this to be their final request to extend the stay. The revised transaction with Constellation remains subject to regulatory approval in Mexico. Full Article
Grupo Modelo SAB de CV, Constellation Brands Inc And Crown Imports LLC Proceed With Negotiations With United States Department Of Justice On Resolution Of Litigation
Grupo Modelo SAB de CV announced that it has proceeded with negotiations, together with Constellation Brands Inc and Crown Imports LLC, with the United States Department of Justice on the resolution of litigation initiated by the latter with relation to the proposed acquisition by AB InBev a stake in Grupo Modelo, based on the terms of the new agreement that was announced on February 14, 2013. The aforementioned companies and the Department of Justice jointly requested the Court to extend the term of the suspension of the proceedings, which expired on March 19, 2013, until April 9, 2013. This extension would allow the parties to complete the negotiation. Full Article
Anheuser Busch Inbev SA Agrees to Transfer 50% of Joint Venture Between Constellation Brands Inc and Grupo Modelo SA to Constellation Brands Inc in Connection with Acquisition of Grupo Modelo SA
Grupo Modelo SAB de CV (Modelo) announced that on February 14, 2014 Anheuser Busch Inbev SA (InBev) and Constellation Brands Inc (Constellation) reached agreement that establishes Crown Imports as the producer and marketer of beer in the United States through a complete divestiture of Modelo’s United States business. Crown Imports was a joint venture between Modelo and Constellation. The transaction establishes Crown as a fully owned entity of Constellation, and provides Constellation with independent brewing operations, Modelo’s full profit stream from all United States sales and rights in perpetuity to the Modelo brands distributed by Crown in the United States. As part of InBev’s acquisition of the 50% of Modelo it does not already own, InBev has agreed to sell Compania Cervecera de Coahuila, Modelo’s state-of-the-art brewery in Mexico, and grant perpetual brand licenses to Constellation for USD 2.9 billion, subject to a post-closing adjustment. This price is based on an assumed 2012 EBITDA of USD 310 million earned from manufacturing and licensing the Modelo brands for sale by the Crown joint venture, with an implied multiple of approximately nine times. InBev and Constellation have agreed to a three-year transition services agreement to ensure the smooth transition of the operation of the world-class brewery. Full Article
Constellation Brands Inc Announces management Changes
Constellation Brands Inc announced that Eric Morham, president of the Company's Canadian business, will retire effective May 31, 2013 after 40 years in the beverage alcohol industry. Full Article
Constellation Brands Inc Raises FY 2013 EPS Guidance-Conference Call
Constellation Brands Inc announced that for fiscal 2013, it expects diluted earnings per share EPS to be in the range of $2.10-$2.20 from previous guidance of $2.00-$2.10. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $2.02 for fiscal 2013. Full Article
Constellation Brands Inc Raises FY 2013 EPS Guidance-Conference Call
Constellation Brands Inc announced that for fiscal 2013, it expects diluted earnings per share EPS to be in the range of $2.00-$2.10 from previous guidance of $1.93 to $2.03. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $2.02 for fiscal 2013. Full Article
Fitch Affirms Constellation Brands, Inc. IDR and Senior Notes at 'BB+'; Outlook Stable
(The following statement was released by the rating agency) CHICAGO, April 30 (Fitch) Fitch Ratings has resolved the Rating Watch Negative status of Constellation Brands Inc.'s (Constellation) ratings, placed on Watch on Feb. 15, 2013, and assigned the ratings a Stable Outlook. The action follows the company's revised agreement that it would acquire Grupo Modelo's Piedras Negras brewery and perpetual rights to the Corona and Modelo brands in the U.S. for $2.9 billion in addition to the rema
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