LOUISVILLE, Ky. — Brown-Forman Corp. announced Thursday it has priced a $500 million debt offering that the Louisville-based spirits company could use for purposes ranging from refinancing existing debt to stock repurchases, acquisitions and capital investments.
The company said it priced $500 million of 5.375% senior unsecured notes due Oct. 15, 2031.
Brown-Forman, one of Kentucky’s largest publicly traded companies and the owner of brands including Jack Daniel’s, Woodford Reserve and Old Forester, said proceeds from the five-year notes will be available for general corporate purposes.
Potential uses include paying dividends, repurchasing Brown-Forman shares under authorized stock repurchase programs, repaying or refinancing existing debt, including commercial paper, and providing additional working capital.
The company also said proceeds could be used for capital expenditures, acquisitions and funding pension plan obligations.
The offering provides Brown-Forman with $500 million of additional long-term financing at a fixed interest rate as the company manages its capital needs and existing debt obligations.
Barclays Capital Inc., BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc. are serving as joint book-running managers for the offering.
The debt offering comes as Brown-Forman navigates a challenging environment for the global spirits industry.
Earlier this month, the company reported fiscal 2027 first-quarter net sales of $911 million, down 1% from the same period a year earlier. Operating income declined 3% to $252 million, while diluted earnings per share increased 6% to 38 cents.
Brown-Forman President and CEO Lawson Whiting said at the time that the company’s first-quarter results were largely in line with expectations and that innovation continued to provide growth opportunities despite pressure in portions of the company’s portfolio.
Brown-Forman reaffirmed its full-year outlook when it released those results.
The company has deep ties to Kentucky’s signature bourbon industry. In addition to its Louisville headquarters, Brown-Forman’s Kentucky operations and brands include Woodford Reserve Distillery in Versailles, Old Forester and Cooperage operations and other production and warehousing assets.
Brown-Forman said the notes will be offered through a prospectus supplement and accompanying base prospectus filed as part of an effective shelf registration statement with the U.S. Securities and Exchange Commission. Copies of the prospectus and prospectus supplement relating to the senior notes may be obtained for free by visiting EDGAR on the SEC website at http://www.sec.gov.
Brown-Forman Corporation is a global leader in the spirits industry, responsibly building exceptional beverage alcohol brands for more than 155 years. Headquartered in Louisville, Kentucky, we are guided by our founding promise, “Nothing Better in the Market.” Our premium portfolio includes Jack Daniel’s Family of Brands, Woodford Reserve, Old Forester, New Mix, el Jimador, Herradura, The Glendronach, Glenglassaugh, Benriach, Diplomático Rum, Gin Mare, Fords Gin, Chambord, and Slane. With approximately 4,900 employees worldwide, we proudly share our passion for fine-quality spirits in more than 170 countries. Learn more at brown-forman.com.
