Constellation Completes Debt Offering

FAIRPORT, N.Y., Jan. 23 /PRNewswire/ -- Constellation Brands, Inc. (NYSE: STZ; STZ.B) announced that it has completed the sale of $250 million aggregate principal amount of 8-1/8% Senior Subordinated Notes due 2012. The net proceeds of the offering will be used to redeem $130 million aggregate principal amount of the Company's 8-3/4% Senior Subordinated Notes due 2003 and $65 million aggregate principal amount of the Company's 8-3/4% Series C Senior Subordinated Notes due 2003 (collectively, the "Original Notes"). Constellation intends to redeem the Original Notes at par plus accrued interest on or about February 22, 2002. The remaining net proceeds will be used to reduce outstanding indebtedness under the Company's bank credit facility.

Prospectuses can be obtained from: JPMorgan, 34 Exchange Place, Plaza 2, 4th Floor, Jersey City, NJ 07311, Attention: David Seepersaud, Telephone: (201) 524-8446, Facsimile: (201) 369-9083.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Constellation Brands, Inc. is a leader in the production and marketing of beverage alcohol brands in North America and the United Kingdom and is a leading independent drinks wholesaler in the United Kingdom. Leading brands in Constellation's portfolio include: Franciscan Oakville Estate, Simi, Estancia, Ravenswood, Corona Extra, Modelo Especial, St. Pauli Girl, Almaden, Arbor Mist, Talus, Vendange, Alice White, Black Velvet, Fleischmann's, Schenley, Ten High, Stowells of Chelsea, Blackthorn and K.

SOURCE Constellation Brands, Inc.

CONTACT: Emilio Ruocco, +1-585-419-0776, or Mark Maring, +1-585-218-2132, both of Constellation Brands, Inc./