Constellation Brands, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

Borrowings (Tables)

3 Months Ended

May 31, 2016

As of May 31, 2016, our accounts receivable securitization facilities are as follows:



	Outstanding Borrowings		Weighted Average Interest Rate		Remaining Borrowing Capacity
(in millions)
CBI Facility	$	—	—	%	$	300.0
Crown Facility	$	—	—	%	$	190.0

The 2016 Credit Agreement provides for aggregate credit facilities of $4,690.5 million, consisting of the following:



	Amount		Maturity
(in millions)
Revolving Credit Facility ^{(1) (2)}	$	1,150.0	July 16, 2020
U.S. Term A Facility ^{(1) (3)}	1,223.9		July 16, 2020
U.S. Term A-1 Facility ^{(1) (3)}	240.1		July 16, 2021
European Term A Facility ^{(1) (3)}	1,376.5		July 16, 2020
European Term A-1 Facility ^{(1) (3)}	700.0		March 10, 2021
	$	4,690.5


⁽¹⁾	Contractual interest rate varies based on our debt ratio (as defined in the 2016 Credit Agreement) and is a function of LIBOR plus a margin, or the base rate plus a margin.


⁽²⁾	Provides for credit facilities consisting of a $150.0 million U.S. Revolving Credit Facility and a $1,000.0 million European Revolving Credit Facility. Includes two sub-facilities for letters of credit of up to $200.0 million in the aggregate. We are the borrower under the U.S. Revolving Credit Facility and we and/or CIH and/or CIHH are the borrowers under the European Revolving Credit Facility.


⁽³⁾	We are the borrower under the U.S. Term A and the U.S. Term A-1 loan facilities. CIH is the borrower under the European Term A loan facility. CIHH is the borrower under the European Term A-1 loan facility.

As of May 31, 2016, information with respect to borrowings under the 2016 Credit Agreement is as follows:



	Revolving Credit Facility			U.S. Term A Facility ⁽¹⁾			U.S. Term A-1 Facility ⁽¹⁾			European Term A Facility ⁽¹⁾			European Term A-1 Facility ⁽¹⁾
(in millions)
Outstanding borrowings	$	—		$	1,215.0		$	239.7		$	1,368.9		$	696.7
Interest rate	—		%	1.9		%	2.2		%	1.9		%	1.9		%
Libor margin	1.5		%	1.5		%	1.75		%	1.5		%	1.5		%
Outstanding letters of credit	$	17.0
Remaining borrowing capacity	$	1,133.0


⁽¹⁾	Outstanding term loan facility borrowings are net of unamortized debt issuance costs.

Borrowings consist of the following:



	May 31, 2016						February 29, 2016
	Current		Long-term		Total		Total
(in millions)
Notes payable to banks
Senior Credit Facility – Revolving Credit Loans	$	—	$	—	$	—	$	92.0
Other	29.8		—		29.8		316.3
	$	29.8	$	—	$	29.8	$	408.3

Long-term debt
Senior Credit Facility – Term Loans	$	172.5	$	3,347.8	$	3,520.3	$	2,856.8
Senior Notes	1,398.7		3,319.4		4,718.1		4,716.3
Other	16.6		23.4		40.0		99.8
	$	1,587.8	$	6,690.6	$	8,278.4	$	7,672.9

Required principal repayments under senior credit facility term loan obligations

As of May 31, 2016, the required principal repayments of the term loans under the 2016 Credit Agreement (excluding unamortized debt issuance costs of $20.2 million) for the remaining nine months of fiscal 2017 and for each of the five succeeding fiscal years are as follows:



	U.S. Term A Facility		U.S. Term A-1 Facility		European Term A Facility		European Term A-1 Facility		Total
(in millions)
2017	$	47.7	$	1.8	$	53.6	$	26.3	$	129.4
2018	63.6		2.4		71.5		35.0		172.5
2019	63.6		2.4		71.5		35.0		172.5
2020	63.6		2.4		71.5		35.0		172.5
2021	985.4		2.4		1,108.4		35.0		2,131.2
2022	—		228.7		—		533.7		762.4
	$	1,223.9	$	240.1	$	1,376.5	$	700.0	$	3,540.5