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, 2015

As of February 28, 2015, information with respect to borrowings under the 2014 Credit Agreement is as follows:



	Revolving Credit Facility			U.S. Term A Facility			U.S. Term A-1 Facility			U.S. Term A-2 Facility			European Term A Facility			European Term B-1 Facility
(in millions)
Outstanding borrowings	$	—		$	476.9		$	243.2		$	624.4		$	462.5		$	985.1

Interest rate	—		%	1.9		%	2.2		%	2.0		%	2.0		%	2.0		%

Libor margin	1.75		%	1.75		%	2.0		%	1.75		%	1.75		%	1.75		%

Outstanding letters of credit	$	14.4

Remaining borrowing capacity	$	835.6

The 2014 Credit Agreement provides for aggregate credit facilities of $3,712.3 million, consisting of the following:



	Amount		Maturity
(in millions)
Revolving Credit Facility ⁽¹⁾⁽²⁾	$	850.0	June 7, 2018
U.S. Term A Facility ⁽¹⁾	496.3		June 7, 2018
U.S. Term A-1 Facility ⁽¹⁾	245.0		June 7, 2019
U.S. Term A-2 Facility ⁽¹⁾	649.7		June 7, 2018
European Term A Facility ⁽¹⁾	481.3		June 7, 2018
European Term B-1 Facility ⁽¹⁾	990.0		June 7, 2020
	$	3,712.3


⁽¹⁾	Contractual interest rate varies based on our debt ratio (as defined in the 2014 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 the $425.0 million U.S. Revolving Credit Facility and the $425.0 million European Revolving Credit Facility. Includes two sub-facilities for letters of credit of up to $200.0 million in the aggregate.

Borrowings consist of the following:



	February 28, 2015						February 28, 2014
	Current		Long-term		Total		Total
(in millions)
Notes payable to banks
Senior Credit Facility – Revolving Credit Loans	$	—	$	—	$	—	$	—
Other	52.4		—		52.4		57.2
	$	52.4	$	—	$	52.4	$	57.2
Long-term debt
Senior Credit Facility – Term Loans	$	139.2	$	2,652.9	$	2,792.1	$	2,864.8
Senior Notes	—		4,348.6		4,348.6		4,047.3
Other	18.9		136.0		154.9		51.2
	$	158.1	$	7,137.5	$	7,295.6	$	6,963.3

As of February 28, 2015, our accounts receivable securitization facilities are as follows:



	Outstanding Borrowings		Weighted Average Interest Rate		Remaining Borrowing Capacity
(in millions)
CBI Facility	$	—	—	%	$	275.0
Crown Facility	$	—	—	%	$	100.0

Our outstanding senior notes are as follows:



	Date of					Outstanding Balance ⁽¹⁾
	Issuance	Maturity	Interest Payments	Principal		February 28, 2015		February 28, 2014
(in millions)
7.25% Senior Notes ⁽²⁾	August 2006	September 2016	Mar/Sep	$	700.0	$	698.6	$	697.8
7.25% Senior Notes ⁽²⁾⁽³⁾	January 2008	May 2017	May/Nov	$	700.0	$	700.0	$	700.0
8.375% Senior Notes ⁽²⁾	December 2007	December 2014	Jun/Dec	$	500.0	$	—	$	499.5
6% Senior Notes ⁽²⁾	April 2012	May 2022	May/Nov	$	600.0	$	600.0	$	600.0
3.75% Senior Notes ⁽²⁾	May 2013	May 2021	May/Nov	$	500.0	$	500.0	$	500.0
4.25% Senior Notes ⁽²⁾	May 2013	May 2023	May/Nov	$	1,050.0	$	1,050.0	$	1,050.0
3.875% Senior Notes ⁽²⁾	November 2014	November 2019	May/Nov	$	400.0	$	400.0	$	—
4.75% Senior Notes ⁽²⁾	November 2014	November 2024	May/Nov	$	400.0	$	400.0	$	—


⁽¹⁾	Amounts are net of 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. Guaranteed by certain of our U.S. subsidiaries on a senior unsecured basis. 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 a make whole payment based on the present value of the future payments at the adjusted Treasury Rate plus 50 basis points.


⁽³⁾	Issued in exchange for notes originally issued in May 2007.

Required principal repayments under the credit agreement's term loans

As of February 28, 2015, the required principal repayments of the term loans under the 2014 Credit Agreement for each of the five succeeding fiscal years and thereafter are as follows:



	U.S. Term A Facility		U.S. Term A-1 Facility		U.S. Term A-2 Facility		European Term A Facility		European Term B-1 Facility		Total
(in millions)
2016	$	38.7	$	2.5	$	50.6	$	37.5	$	9.9	$	139.2
2017	51.5		2.5		67.5		50.0		9.9		181.4
2018	51.5		2.5		67.5		50.0		9.9		181.4
2019	335.2		2.4		438.8		325.0		9.9		1,111.3
2020	—		233.3		—		—		9.9		243.2
Thereafter	—		—		—		—		935.6		935.6
	$	476.9	$	243.2	$	624.4	$	462.5	$	985.1	$	2,792.1

Required principal repayments under long-term debt obligations

As of February 28, 2015, the required principal repayments under long-term debt obligations (excluding unamortized discount of $1.4 million) for each of the five succeeding fiscal years and thereafter are as follows:



(in millions)
2016	$	158.1
2017	897.8
2018	893.1
2019	1,117.9
2020	744.5
Thereafter	3,485.6
	$	7,297.0