Constellation Brands, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Borrowings (Tables)

Borrowings (Tables)

12 Months Ended

Feb. 28, 2021

Borrowings consist of the following:


	February 28, 2021						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	$	429.8	$	454.4	$	1,295.7
Senior notes	—		9,972.4		9,972.4		10,624.7
Other	4.6		10.9		15.5		25.3
	$	29.2	$	10,413.1	$	10,442.3	$	11,945.7

As of February 28, 2021, aggregate credit facilities under the 2020 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





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 2019 Five-Year Term Facility.

As of February 28, 2021, information with respect to borrowings under the 2020 Credit Agreement and the March 2020 Term Credit Agreement is as follows:


	2020 Credit Agreement			March 2020 Term Credit Agreement
	Revolving credit facility				2019 Five-Year Term Facility (1)
(in millions)
Outstanding borrowings	$	—			$	454.4
Interest rate	—		%		1.0		%
LIBOR margin	—		%		0.88		%
Outstanding letters of credit	$	11.7
Remaining borrowing capacity (2)	$	1,988.3

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

(2)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”).

Information with respect to our outstanding commercial paper borrowings as of February 29, 2020, is as follows:


(in millions)
Outstanding borrowings (1)	$	238.9
Weighted average annual interest rate	1.9		%
Weighted average remaining term	8 days

(1)Outstanding commercial paper borrowings are net of unamortized discount.

Our outstanding senior notes are as follows:


			Date of			Outstanding Balance (1)
	Principal		Issuance	Maturity	Interest Payments	February 28, 2021		February 29, 2020
(in millions)
3.75% Senior Notes (2) (3)	$	500.0	May 2013	May 2021	May/Nov	$	—	$	499.2
4.25% Senior Notes (2) (4)	$	1,050.0	May 2013	May 2023	May/Nov	1,047.5		1,046.4

4.75% Senior Notes (2) (4)	$	400.0	Nov 2014	Nov 2024	May/Nov	397.6		397.0
4.75% Senior Notes (2) (4)	$	400.0	Dec 2015	Dec 2025	Jun/Dec	396.9		396.3
3.70% Senior Notes (2) (5)	$	600.0	Dec 2016	Dec 2026	Jun/Dec	596.5		595.9
2.70% Senior Notes (2) (5)	$	500.0	May 2017	May 2022	May/Nov	498.8		497.8
3.50% Senior Notes (2) (5)	$	500.0	May 2017	May 2027	May/Nov	496.5		496.1
4.50% Senior Notes (2) (5)	$	500.0	May 2017	May 2047	May/Nov	493.1		493.0

2.25% Senior Notes (2) (6)	$	700.0	Nov 2017	Nov 2020	May/Nov	—		698.7
2.65% Senior Notes (2) (5)	$	700.0	Nov 2017	Nov 2022	May/Nov	697.1		695.5
3.20% Senior Notes (2) (5)	$	600.0	Feb 2018	Feb 2023	Feb/Aug	598.0		597.0
3.60% Senior Notes (2) (5)	$	700.0	Feb 2018	Feb 2028	Feb/Aug	695.0		694.3
4.10% Senior Notes (2) (5)	$	600.0	Feb 2018	Feb 2048	Feb/Aug	592.3		592.1
Senior Floating Rate Notes (2) (7)	$	650.0	Oct 2018	Nov 2021	Quarterly	—		647.9
4.40% Senior Notes (2) (5)	$	500.0	Oct 2018	Nov 2025	May/Nov	496.6		496.0
4.65% Senior Notes (2) (5)	$	500.0	Oct 2018	Nov 2028	May/Nov	495.6		495.2
5.25% Senior Notes (2) (5)	$	500.0	Oct 2018	Nov 2048	May/Nov	493.1		493.0
3.15% Senior Notes (2) (5)	$	800.0	Jul 2019	Aug 2029	Feb/Aug	793.9		793.3
2.875% Senior Notes (2) (5)	$	600.0	Apr 2020	May 2030	May/Nov	594.3		—
3.75% Senior Notes (2) (5)	$	600.0	Apr 2020	May 2050	May/Nov	589.6		—
						$	9,972.4	$	10,624.7

(1)Amounts are net of unamortized debt issuance costs and unamortized discounts, where applicable.

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

(3)Redeemed prior to maturity in February 2021 at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment of $3.8 million. The make-whole payment is included in loss on extinguishment of debt within our consolidated results of operations.

(4)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 and a make-whole payment based on the present value of the future payments at the adjusted Treasury Rate plus 50 basis points.

(5)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 price 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.


	Redemption
	Stated Redemption Date	Stated Basis Points
3.70% Senior Notes due December 2026	Sept 2026	25
2.70% Senior Notes due May 2022	Apr 2022	15


3.50% Senior Notes due May 2027	Feb 2027	20
4.50% Senior Notes due May 2047	Nov 2046	25
2.65% Senior Notes due November 2022	Oct 2022	15
3.20% Senior Notes due February 2023	Jan 2023	13
3.60% Senior Notes due February 2028	Nov 2027	15
4.10% Senior Notes due February 2048	Aug 2047	20
4.40% Senior Notes due November 2025	Sept 2025	20
4.65% Senior Notes due November 2028	Aug 2028	25
5.25% Senior Notes due November 2048	May 2048	30
3.15% Senior Notes due August 2029	May 2029	20
2.875% Senior Notes due May 2030	Feb 2030	35
3.75% Senior Notes due May 2050	Nov 2049	40

(6)Redeemed prior to maturity in May 2020 at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and a make-whole payment of $6.2 million. The make-whole payment is included in loss on extinguishment of debt within our consolidated results of operations.

(7)Redeemed prior to maturity in November 2020 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 February 28, 2021, the required principal repayments under long-term debt obligations (excluding unamortized debt issuance costs and unamortized discounts of $60.6 million and $17.0 million, respectively) for each of the five succeeding fiscal years and thereafter are as follows:


(in millions)
2022	$	29.2
2023	1,829.2
2024	1,078.7
2025	782.8
2026	900.0
Thereafter	5,900.0
	$	10,519.9