Constellation Brands signs $300 million delayed-draw term loan credit agreement with M&T Bank-led lenders
STZ•Delayed-draw term loan agreement
Constellation Brands entered a Term Loan Credit Agreement on Sept. 18, 2026 with M&T Bank as administrative agent.
- Delayed-draw term loan commitments total $300 million, available in up to two draws for general corporate purposes or debt repayment.
- Commitments end when fully drawn, on the second funding date, or June 18, 2027; term loans mature two years from initial borrowing.
- Pricing is set at Term SOFR plus 0.7% to 1.1% or base rate plus 0% to 0.1%, tied to credit ratings.
- The agreement includes a 2.5x minimum interest coverage covenant and a 4x net leverage cap, stepping up to 4.5x for four quarters after a material acquisition.
