STZ · 10-Q · 2026Q3 · Full report
Debt and Liquidity Position
CONSTELLATION BRANDS, INC. · 2026-10-07 · Importance 49 · Surprise 32 · In source text
Total debt outstanding was $10,315.7 million as of August 31, 2026, down $252.8 million, or 2%, from February 28, 2026. In May 2026, the company issued 4.85% senior notes and received $496.7 million net of discount and issuance costs; it redeemed the 3.70% December 2016 notes using those proceeds and commercial paper, and redeemed the 4.35% May 2022 notes in September using commercial paper. The September 2026 term credit agreement provides a delayed-draw facility of up to $300.0 million, with no borrowings outstanding, while remaining capacity under the revolving credit facility was $2,122.6 million at August 31. The company was in compliance with its credit agreement and indenture covenants as of August 31, 2026, and had met all debt payment obligations.
Key facts
- Outstanding commercial paper borrowings, excluding unamortized discount, were $116.5 million as of August 31, 2026, and $607.0 million as of September 30, 2026. source
- In September 2026, the company entered into a term credit agreement providing a nine-month delayed-draw $300.0 million term loan facility, available in up to two draws; any funded balance is due two years after initial funding, and no borrowings were outstanding. source
- The company’s commercial paper program permits issuance of up to $2.25 billion in aggregate principal and is backed by unused commitments under its revolving credit facility under the 2025 Credit Agreement. source
- As of August 31, 2026, the company had $2,122.6 million of remaining borrowing capacity under its 2025 Credit Agreement revolving credit facility. source
- As of August 31, 2026, total debt outstanding was $10,315.7 million, down $252.8 million, or 2%, from February 28, 2026. source
- Constellation Brands' net cash used in financing activities was $1,131.5 million in Six Months 2027, compared with $1,953.1 million in Six Months 2026. source
- On May 18, 2026, the company redeemed the 3.70% December 2016 Senior Notes before maturity using proceeds from the 4.85% May 2026 Senior Notes and commercial paper borrowings, at 100% of outstanding principal plus accrued and unpaid interest. source
- In May 2026, the company issued 4.85% May 2026 Senior Notes, receiving net proceeds of $496.7 million after discount and debt issuance costs. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +3.7% | Constellation Brands' net cash used in financing activities was $1,131.5 million in Six Months 2027, compared with $1,953.1 million in Six… |
| liability | negative | realized | -2.2% | Outstanding commercial paper borrowings, excluding unamortized discount, were $116.5 million as of August 31, 2026, and $607.0 million as… |
| liability | positive | realized | +1.1% | As of August 31, 2026, total debt outstanding was $10,315.7 million, down $252.8 million, or 2%, from February 28, 2026. |