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Constellation Brands Inc Ladies and gentlemen, miami heat jerseys thank you for standing by, and welcome to the conference call to discuss Constellation s Revised Crown Agreement. [Operator Instructions] After the speakers remarks, there will be a question and answer session. [Operator Instructions] I would now like to turn the conference over to Patty Yahn Urlaub, Vice President of Investor Relations. You may begin your conference. Thank you, Paula. Good morning, everyone, and welcome to our conference call to discuss our newly revised agreement with AB InBev. I m here this morning with Rob Sands, our President and Chief Executive moncler mens jacket sale Officer; and Bob Ryder, our Chief Financial Officer. This call complements today s news release, which has also been furnished to the SEC. During this call, we may discuss financial information on a GAAP comparable organic and constant currency basis. Please also be aware that we may make forward looking statements during this call. While those statements represent our best estimates and expectations, actual results could differ materially from our estimates and expectations. For a detailed list of risk factors that may affect the company s estimates, please refer to the news release and Constellation s SEC filings. And now, I d like Moncler Womens Vest down gaelle Collar Belt dark purple to turn the call over to Rob. Thanks, Patty, and good morning to everyone joining our call today. marketplace. business. I would like to take a few minutes to walk you through the strategic rationale and highlights of the transaction, and then I ll turn the call over to Bob, who will outline high level details relating to the financial structure of this new deal. beer market for the long term. It will also make Constellation the largest multi category supplier for beer, wine and spirits. The key components of this new arrangement with ABI are twofold. market. sales. Now the Piedras Negras brewery was completed Moncler Womenspring Autumn white red jackets with zip in 2010 and is the Crown jewel of production for Modelo. The brewery is self sufficient, utilizes state of the art technology and was built to be readily expanded to increase production capacity. moncler fall 2014 Current capacity for this brewery is approximately 10 million hectoliters or just about 120 million cases, with scalability to 30 million hectoliters or the equivalent of above 360 million cases. market. Constellation s purchase of the Piedras Negras brewery ensures independence of supply for Crown and complete control of the production of the Modelo brands for marketing and distribution in the United States. market from this particular brewery. This capital expansion project will require an investment of approximately $400 million. Now during the 3 year timeframe, Constellation and ABI will enter into an interim supply agreement in an effort to ensure continuity of supply and quality of products with the expectation that Constellation will become fully self sufficient thereafter. CPI escalation on an annual basis. In addition, Constellation and ABI will enter into a transition services arrangement, which will primarily provide Constellation with brewing operations, general management, brewing expansion, consulting and technical support and brewery procurement services. Throughout calendar 2012, Crown experienced great marketplace momentum, driven by portfolio and packaging innovation, as well as strong advertising, marketing and promotional programs. Bill Hackett and the Crown team have built a moncler fakes phenomenal business, driven by their strength in brand building and the strong relationships they have established with distributors and retailers in the marketplace. I am very excited about the prospects of this new arrangement, and I hope to have the opportunity to discuss the future strategy for our new business with you at some point after the transaction closes. I would now like to turn the call over to Bob for a financial discussion of the transaction. Thanks, Rob. Good morning, everyone. and the purchase of the Piedras Negras brewery, is truly transformational for Constellation. beer market for the long term. As a reminder, we currently account for our 50% interest in Crown under the equity method. And we recognize $215 million of equity earnings Moncler Men white Short Sleeves T-shirt red blue stripe from Crown in fiscal 12. The entire purchase price for this transaction is $4.75 billion. When looking at the components, we see the purchase price of the remaining 50% interest in Crown is $1.85 billion, which represents an 8.5x multiple of the acquired EBIT. The $2.9 billion purchase price for the perpetual brand rights and brewery represents a multiple of 9.3x the initial $310 million of acquired EBITDA. This purchase price is subject to post closing adjustments as the assumed $310 million of EBITDA will be refined and will be subject to audit procedures. dollar above or below the $310 million EBITDA pay that has moncler men shoes been negotiated. The adjustment payment is capped at an EBITDA level of $370 million, even if the final audited EBITDA is determined to be higher than that level. From a financing perspective, we have fully committed bridge financing in place to complete these acquisition activities. Permanent financing for the combined purchase price of $4.75 billion is expected to consist of a combination of additional senior notes and term loans, with the remainder of the funding coming from the company s existing revolving credit facility, the recently arranged accounts receivable securitization facility and available cash. We will be putting the permanent financing in place prior to closing. The timing will depend on market conditions. As a result, we could see some incremental interest expense and banking fees before the deal closes. Upon closing, the combined transaction is expected to increase our debt to comparable basis EBITDA ratio to between 5x and 5.5x when factoring in a full year of the acquired EBITDA. As Rob mentioned earlier, we expect to invest approximately $400 million over the 3 years to expand the Piedras Negras facility. We will continue to ensure that all our business units receive the appropriate capital to fully fund their needs. We fully intend to deploy all of our free cash flow to pay down debt with an intent to get below 4x EBITDA leverage ratio as soon as possible. We should approach the 4x level within 2 to 3 years of the transaction close. Before we start taking your questions, I would like to highlight that this transaction will significantly increase our EBITDA, better diversify our earnings and free cash flow and eliminate the terminal value questions around our beer business. This transaction will also be highly accretive to overall earnings. As we add production capacity and move beer production to the more efficient Piedras Negras facility, we should see cost of goods and freight cost benefits. Moncler Badia Very Shiny WoMen's Down Jackets Black With a fully consolidated and perpetual beer business added to our improving wine and spirits business, we feel we have clear sight to improving EBIT into the future

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Constellation Brands Management Discusses Q1 2013 Results Carla Casella JP Morgan Chase Co, nhl jerseys Research DivisionGood morning. My name is Jackie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Constellation Brands First winter coats moncler Quarter and Fiscal Year 2013 Earnings Conference Call. [ Instructions] Moncler Men down Hooded Buttons Black jackets I would now like to turn the conference over to Patty Yahn Urlaub, Vice President of Investor Relations. Please go ahead. Thank you, Jackie. Good morning, everyone, and welcome to Constellation s first quarter fiscal 2013 conference call. I m here this morning with Rob Sands, our President and Chief Executive Officer; and Bob Ryder, our Chief Financial Officer. This call complements Moncler Mens T-shirt with color pure sky blue our news release, which has also been furnished to the SEC. During this call, we may discuss financial information on a GAAP, comparable, organic and constant currency basis. However, discussions will generally focus on comparable financial results. Please also be aware that we may make forward looking statements during this call. While those statements represent our best estimates and expectations, actual online moncler outlet results could differ materially from our estimates and expectations. For a detailed list of risk factors that may affect the company s estimates, please refer to the news release and Constellation s SEC filings. And now, I d like to turn the call over to Rob. Thanks, Patty. And good morning, and welcome to our call. This has certainly been an exciting week for us. beer market, which is one of the most attractive sectors of the beverage authentic moncler alcohol industry. The structure of this transaction will solidify our place in this market for the long term and most importantly will remove the uncertainty that, we believe, has moncler clothing online created a significant overhang related to the valuation of our stock. where it has the exclusive right to import, market and sell the Modelo brands, which include Corona Extra, Corona Light, Modelo Especial, Pacifico, Negra Modelo and Victoria. on a volume basis. Crown will have complete, independent control as a brand owner with respect to distribution, marketing, promotion and pricing. ABI will be responsible for ensuring the continuity of supply and quality of products as well as providing the ability to introduce innovation, although they will have no visibility or future influence on marketing, distribution or pricing. Bill Hackett and the Crown team have built an absolutely phenomenal business driven by their strength in brand building and the strong relationships they have established with distributors and retailers in the marketplace. This is a perpetual agreement that has an initial term of 10 years and renews automatically for subsequent 10 year terms. In addition, ABI has the right, but not the obligation, to exercise a call option at a multiple of 13x EBIT for the Grupo Modelo brands, approximately one year prior to the expiration of any 10 year term subject to regulatory approval. This arrangement will dramatically enhance Constellation s financial profile as it will result in the full consolidation of Crown s financial results within Constellation s existing business model upon closing. Bob will have specifics related to the funding of the deal and the high level financial implications for Constellation in just a few moments. In the wine business, we are also pleased to announce today that we are purchasing the Mark West brand, which represents a synergistic, moncler 2011 high growth, complementary tuck in to our existing portfolio of wine brands. As you know, we have successful we have a successful track record of integrating high growth, strong momentum brands, and I am excited by the prospect of adding Mark West to our brand family. And now I d like to just to focus our discussion on our first quarter operational results. We are off to a good start for the year with results that were generally in line with our expectations. wine and spirits volume. wine and spirits business covered by exclusive distributor discount moncler jackets arrangements. We continue to focus on developing, launching and promoting our new products and existing focus brands in the marketplace, which, to date, have received great reception by consumers. Some examples include the recently launched 4 varietals for our new Thorny Rose brand, which is specifically targeted to millennials who contributed to the development of this brand. This generation is creating a brand that is tailored to their life stage as they enter the wine category. A new summer TV campaign kicks off as we speak for Woodbridge by Robert Mondavi. This innovating advertising positions Woodbridge as the catalyst for creating moments for sharing

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