secwatch.observer — SEC 8-K summary
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Issuer:     CONSTELLATION BRANDS, INC. (STZ)
CIK:        0000016918
Form:       8-K
Filed at:   2022-11-10T23:59:59+00:00
Accession:  0001193125-22-282062
Event type: other_material
Sentiment:  positive
Materiality: 0.90
Item codes: 1.01, 2.03, 3.01, 3.03, 5.03, 5.02, 5.07, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Constellation Brands completes elimination of Class B stock, pays $1.5B cash, governance changes
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- Each Class B share converted into one Class A share plus $64.64 cash; total cash ~$1.5B.
- Financing via $1.0B term loan and ~$500M commercial paper; annual interest expense expected $80-90M.
- Robert Sands retired as Executive Chairman, appointed Non-Executive Chairman; Richard Sands retired as Exec Vice Chair, remains director.
- Class B stock delisted from NYSE; only Class A (STZ) remains listed.
- Stockholders approved with ~75% of unaffiliated Class A votes; governance changes include majority vote standard for director elections.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/16918/000119312522282062/0001193125-22-282062-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/16918/000119312522282062/d302868d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-282062

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