Constellation Brands enters $300M delayed draw term loan credit agreement

CONSTELLATION BRANDS, INC.

Term loan credit agreement provides up to $300M delayed draw, available in two draws, for general corporate purposes including debt repayment.
Loans mature two years after initial borrowing; interest at Term SOFR or Base Rate plus margin up to 1.10% (SOFR) or 0.10% (Base) based on credit rating.
Covenants include min consolidated interest coverage ratio of 2.50:1 and max net leverage ratio of 4.00:1 (4.50:1 after material acquisition).
Unused commitments accrue ticking fee of 0.075% per annum starting 30 days after effective date; commitments expire June 18, 2027.

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