Remaining borrowing capacity



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| PART II | ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | Table of Contents |

As of February 28, 2022, information with respect to borrowings under the 2020 Credit Agreement and the June 2021 Term Credit Agreement is as follows:

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|  | Outstandingborrowings |  | Interestrate |  | LIBORmargin |  | Outstandingletters ofcredit |  | Remainingborrowingcapacity (1) |
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| 2020 Credit Agreement |  |  |  |  |  |  |  |  |  |
| Revolving credit facility | $ | —  |  |  | —  | % |  | —  | % |  | $ | 12.2  |  |  | $ | 1,664.8  |  |
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| June 2021 Term Credit Agreement |  |  |  |  |  |  |  |  |  |
| Five-Year Term Facility (2) | $ | 300.0  |  |  | 1.0  | % |  | 0.88  | % |  |  |  |  |

(1)Net of outstanding revolving credit facility borrowings, outstanding letters of credit under the 2020 Credit Agreement, and outstanding borrowings under our commercial paper program of $323.0 million (excluding unamortized discount) (see “Commercial paper program” below).(2)Outstanding term loan facility borrowings are net of unamortized debt issuance costs and reflect a partial prepayment of $142.1 million made in June 2021.  
Commercial paper programWe have a commercial paper program which provides for the issuance of up to an aggregate principal amount of $2.0 billion of commercial paper. Our commercial paper program is backed by unused commitments under our revolving credit facility under our 2020 Credit Agreement. Accordingly, outstanding borrowings under our commercial paper program reduce the amount available under our revolving credit facility. As of February 28, 2021, we had no outstanding borrowings under our commercial paper program. Information with respect to our outstanding commercial paper borrowings as of February 28, 2022, is as follows:

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| (in millions) |  |  |  |
| Outstanding borrowings (1) | $ | 323.0  |  |  |  |
| Weighted average annual interest rate | 0.5  | % |  |  |
| Weighted average remaining term | 4 days |  |  |

(1)Outstanding commercial paper borrowings are net of unamortized discount.  
Interest rate swap contractsIn June 2019, we entered into interest rate swap agreements, which were designated as cash flow hedges for $375.0 million of our floating LIBOR rate debt. As a result of these hedges, we fixed our interest rates on $375.0 million of our floating LIBOR rate debt at an average rate of 1.9% (exclusive of borrowing margins) from July 1, 2019, through July 1, 2020.  
Swap lock and treasury lock contractsIn February 2022, we entered into a swap lock agreement, which was designated as a cash flow hedge. As a result, we have hedged the treasury rate volatility on $100.0 million of future debt issuances.  
In February and March 2020, we entered into treasury lock agreements, which were designated as cash flow hedges. As a result of these hedges, we fixed our 10-year treasury rates on $500.0 million of future debt issuances at an average rate of 1.2% (exclusive of borrowing margins). In April 2020, prior to the issuance of the 2.875% Senior Notes and 3.75% Senior Notes, we settled all outstanding treasury lock contracts, and recognized an unrealized loss, net of income tax effect, of $21.8 million in accumulated other comprehensive income (loss) within our consolidated balance sheets. This loss is being amortized over 10 years to interest expense within our consolidated results of operations. See “Senior notes” below.  


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| Constellation Brands, Inc. FY 2022 Form 10-K | #WORTHREACHINGFOR    I    93 |


