Fairport, NY, February 24, 1999 -- Canandaigua Brands, Inc. (NASDAQ: CBRNA and CBRNB) announced today that it is increasing the amount of its senior subordinated notes due 2009 currently being offered from $200 million to $250 million. The net proceeds of the offering (approximately $244.1 million) are expected to be used to fund the recently announced acquisition of the Black Velvet Canadian whisky brand and other assets from Diageo plc with the balance to be used to repay a portion of the Company’s borrowings under its senior credit agreement.
Canandaigua Brands, Inc., headquartered in Fairport, New York, is a leading producer and marketer of beverage alcohol brands. As the second largest supplier of wine, the second largest importer of beer and the fourth largest supplier of distilled spirits, Canandaigua Brands is the largest single-source supplier of these products in the United States. Canandaigua Brands is also a leading provider of wine and cider, as well as the premier independent wholesaler of beverage alcohol products, in the United Kingdom.
Canandaigua Brands' portfolio includes the following key brands:
Beer: Corona Extra and Corona Light, Modelo Especial, Pacifico, Negra Modelo, St. Pauli Girl, Tsingtao, Peroni, Double Diamond, Tetley's English Ale and Point in the United States
Wine: Almaden, Inglenook, Richards Wild Irish Rose, Cook's, Arbor Mist, Paul Masson, Taylor, J. Roget, Manischewitz, Marcus James, Estate Cellars, Dunnewood, Vina Santa Carolina and Mystic Cliffs in the United States, and Stowells of Chelsea, QC, Stones and Concord in the United Kingdom
Distilled Spirits: Barton, Fleischmann's, Paul Masson Grande Amber, Mr. Boston, Montezuma, Canadian LTD, Chi-Chi's, Ten High and Inver House in the United States
Cider: Blackthorn, Olde English and Diamond White in the United Kingdom This press release does not constitute and shall not be deemed an offering of any securities. Any such offering will be made only by means of a prospectus.