Cranswick Premium Wines – United States

Wine giant Constellation Brands has said that it plans to issue 9.5m Class A common shares and US$150m in mandatory convertible preferred shares under the existing shelf registration.

The US/Australian wine group said that the funds raised by the issue would go towards paying off the borrowings under the bridge loans that were incurred to finance the US$1.1bn acquisition of BRL Hardy this year.

Fortune Brands, owner of Jim Beam Brands, announced mixed results for the second quarter.  Net income of US$176.7m was down in comparison to last year’s second quarter result of US$196.9m although net sales were up 5% to US$1.58m.

Fortune Brand’s chairman and CEO Norm Wesley remains optimistic, however, saying "Fortune Brands is on track to  achieve our long term goals of double digit EPS growth and improved returns for the full year."