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, 2020

Borrowings consist of the following:


	May 31, 2020								February 29, 2020
	Current		Long-term		Total		Total
(in millions)
Short-term borrowings

Commercial paper	$	—					$	238.9

	$	—					$	238.9

Long-term debt

Term loan credit facilities	$	24.6	$	1,015.1	$	1,039.7	$	1,295.7
Senior notes	499.4		10,612.9		11,112.3		10,624.7
Other	10.7		11.3		22.0		25.3
	$	534.7	$	11,639.3	$	12,174.0	$	11,945.7

As of May 31, 2020, aggregate credit facilities under the 2020 Credit Agreement, the 2020 Term Credit Agreement, and the March 2020 Term Credit Agreement consist of the following:


	Amount		Maturity
(in millions)
2020 Credit Agreement
Revolving Credit Facility ^{(1) (2)}	$	2,000.0	Sept 14, 2023

2020 Term Credit Agreement
Three-Year Term Facility ^{(1) (3)}	$	500.0	Nov 1, 2021
Five-Year Term Facility ^{(1) (3)}	1,000.0		Nov 1, 2023
	$	1,500.0
March 2020 Term Credit Agreement
2019 Five-Year Term Facility ^{(1) (3)}	$	491.3	Jun 28, 2024

⁽¹⁾Contractual interest rate varies based on our debt rating (as defined in the respective agreement) and is a function of LIBOR plus a margin, or the base rate plus a margin, or, in certain circumstances where LIBOR cannot be adequately ascertained or available, an alternative benchmark rate plus a margin.

⁽²⁾We and/or CB International are the borrower under the $2,000.0 million Revolving Credit Facility. Includes a sub-facility for letters of credit of up to $200.0 million.

⁽³⁾We are the borrower under the Three-Year Term Facility, the Five-Year Term Facility, and the 2019 Five-Year Term Facility.

As of May 31, 2020, information with respect to borrowings under the 2020 Credit Agreement, the 2020 Term Credit Agreement, and the March 2020 Term Credit Agreement is as follows:


	2020 Credit Agreement			2020 Term Credit Agreement									March 2020 Term Credit Agreement
	Revolving Credit Facility			Three-Year Term Facility ^{(1) (2)}			Five-Year Term Facility ^{(1) (2)}			2019 Five-Year Term Facility ⁽¹⁾
(in millions)
Outstanding borrowings	$	—		$	249.8		$	317.1		$	472.8
Interest rate	—		%	1.5		%	1.6		%	1.2		%
LIBOR margin	—		%	1.13		%	1.25		%	0.88		%
Outstanding letters of credit	$	11.8
Remaining borrowing capacity ⁽³⁾	$	1,988.2

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

⁽²⁾Outstanding borrowings reflect a $250.0 million and a $645.0 million partial prepayment of the Three-Year Term Facility and Five-Year Term Facility, respectively, under our 2020 Term Credit Agreement.

⁽³⁾Net of outstanding revolving credit facility borrowings, outstanding letters of credit under the 2020 Credit Agreement, and outstanding borrowings under our commercial paper program (excluding unamortized discount) (see “Commercial paper program”).

In April 2020, we issued $1,200.0 million aggregate principal amount of Senior Notes (the “April 2020 Senior Notes”). Proceeds from this offering, net of discount and debt issuance costs, were $1,183.4 million. The April 2020 Senior Notes consist of:

Date of

Redemption

Principal

Maturity

Interest Payments

Stated Redemption Rate

Stated Basis Points

(in millions, except basis points)

2.875% Senior Notes ^{(1) (2)}

600.0

May 2030

May/Nov

Feb 2030

3.75% Senior Notes ^{(1) (2)}

600.0

May 2050

May/Nov

Nov 2049

⁽¹⁾Senior unsecured obligations which rank equally in right of payment to all of our existing and future senior unsecured indebtedness.

⁽²⁾Redeemable, in whole or in part, at our option at any time prior to the stated redemption date as defined in the indenture, at a redemption rate equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment based on the present value of the future payments at the adjusted Treasury Rate plus the stated basis points as defined in the indenture. On or after the stated redemption date, redeemable, in whole or in part, at our option at any time at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest.

Schedule of maturities of long-term debt

As of May 31, 2020, the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discounts of $70.0 million and $18.3 million, respectively) for the remaining nine months of fiscal 2021 and for each of the five succeeding fiscal years and thereafter are as follows:


(in millions)
2021	$	26.8
2022	1,432.2
2023	1,828.9
2024	1,393.7
2025	780.7
2026	400.0
Thereafter	6,400.0
	$	12,262.3