Hogan Lovells advises on Brown-Forman’s €300 million and £300 million notes offerings

WASHINGTON, 7 July 2016 – Hogan Lovells advised Brown-Forman Corporation in its recently completed offering and sale of €300 million aggregate principal amount of 1.200% Notes due 2026 and £300,000,000 aggregate principal amount of 2.600% Notes due 2028. Barclays Bank PLC, Citigroup Global Markets Limited, Deutsche Bank AG, London Branch and Merrill Lynch International acted as joint book-running managers and representatives of the several underwriters.

Both offerings were launched and priced on the same day, 30 June, only one week after the U.K.'s referendum on Brexit. The transactions closed simultaneously on 7 July. The Sterling notes deal was the first by a U.S.-based corporate issuer post-Brexit referendum.

Brown-Forman is one of the largest American-owned spirits and wine companies and sells its brands, including Jack Daniel's Tennessee Whiskey, in more than 160 countries. Brown-Forman intends to use the net proceeds from these offerings for general corporate purposes and to repay commercial paper indebtedness, a portion of which was incurred in connection with its recent acquisition of The BenRiach Distillery Company Limited, which brought three Single Malt Scotch Whisky brands, The GlenDronach, BenRiach, and Glenglassaugh, into Brown-Forman's growing whiskey portfolio.

The Hogan Lovells team advising Brown-Forman on the notes offerings was led by Washington, D.C.-based partner John Beckman, with support from partners Eve Howard (Washington, D.C.) and Sylvain Dhennin (London). George Naya and Liz Banks (both Washington, D.C.) were the lead associates on the team.

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"Hogan Lovells" or the "firm" is an international legal practice that includes Hogan Lovells US LLP and Hogan Lovells International LLP. For more information, see www.hoganlovells.com.



Robert Snoddy

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