Constellation Brands signs $300 million delayed draw term loan credit agreement
On September 18, 2026, Constellation Brands entered into a Term Loan Credit Agreement with Manufacturers and Traders Trust Company as administrative agent, providing up to $300 million in delayed draw term loans in up to two draws. The company said it intends to use any proceeds for general corporate purposes, including repaying indebtedness, and the commitments expire no later than June 18, 2027, so the loan adds potential debt if drawn but no borrowing has been reported yet.
Key points
- Facility size: up to $300 million in aggregate principal across up to two draws, with commitments terminating no later than June 18, 2027
- Pricing: Term SOFR loans at a margin of 0.700% to 1.100% per year based on S&P or Moody's credit rating; ticking fee of 0.075% per year starting 30 days after September 18, 2026
- Covenants: minimum consolidated interest coverage ratio of 2.50:1.00 and maximum net leverage ratio of 4.00:1.00, stepping up to 4.50:1.00 for four quarters after a Material Acquisition
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 2:07 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 18, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.