Canandaigua Brands, Inc. Commences Exchange Offer for 8-1/2% Senior Notes

FAIRPORT, N.Y., Feb. 18 /PRNewswire/ -- Canandaigua Brands, Inc. (NYSE: CDB and CDB.B) today announced that it has commenced an offer to exchange 75,000,000 pounds sterling of its issued and outstanding 8-1/2% Senior Notes due 2009, which are not registered under the Securities Act of 1933 (the "Old Notes") for 75,000,000 pounds of its 8-1/2% Series B Senior Notes due 2009, which have been registered under the Securities Act of 1933 (the "New Notes"). The Company will not receive any proceeds from the exchange offer, nor will the Company's debt level change as a result of this exchange offer. The terms of the Old Notes and the New Notes are identical in all material respects.

The exchange offer will be open for acceptance until 5:00 p.m., New York City time, on March 20, 2000 unless extended. Persons with questions regarding the exchange offer should contact the exchange agent, Citibank N.A., London, at +44-171-508-3839. A copy of the exchange offer included in the registration statement may be obtained by writing to Investor Relations, Canandaigua Brands, Inc., 300 WillowBrook Office Park, Fairport, New York 14450.

Canandaigua Brands, Inc., headquartered in Fairport, New York, is a leader in the production, marketing, and distribution of beverage alcohol products in North America and the United Kingdom. The Company markets more than 180 premier brands, including imported beers, wines, spirits, cider and bottled water, and is a leading drinks wholesaler in the United Kingdom.

SOURCE Canandaigua Brands, Inc.

CONTACT: Citibank N.A., London, at +44-171-508-3839, for Canandaigua Brands, Inc./