Home » Brown-Forman increases dividend 13.7%; extends revolving credit facility

Brown-Forman increases dividend 13.7%; extends revolving credit facility

LOUISVILLE, Ky.–(BUSINESS WIRE)–Nov. 21, 2013– Brown-Forman (NYSE:BFA) (NYSE:BFB) announced today that its Board of Directors increased its quarterly cash dividend on its Class A and Class B Common Stock by 13.7% to 29 cents per share from the prior quarter’s 25½ cents per share. As a result, the indicated annual cash dividend will rise from $l.02 per share to $1.16 per share.

Stockholders of record on December 4, 2013 will receive the cash dividend on December 27, 2013. Three years ago the company accelerated the regular dividend payment date from January into December, and intends to maintain a dividend payment schedule of April, July, October and December for the foreseeable future.

Paul Varga, Chief Executive Officer, said, “This increase in our dividend reflects a number of factors, most notably the continuing progress of the company since we last increased our dividend one year ago, as well as our expectations of continuing growth.” Varga added, “The fact that this rise in the dividend comes on top of our most significant capital expenditure reinvestment in years is a testament to the strength of our cash flows and the quality of our balance sheet.”

This marks Brown-Forman’s 68th consecutive year of quarterly dividends and the 30th consecutive year it has increased the annualized dividend. Brown-Forman is a member of the prestigious Standard & Poor’s 500 Dividend Aristocrats Index which is comprised of an elite list of only 54 companies that have increased their cash dividend every year for over 25 years.

Separately, the company announced that it has extended its unsecured $800 million revolving credit facility. The maturity date was extended from November 20, 2017 to November 20, 2018.

For more than 140 years, Brown-Forman Corporation has enriched the experience of life by responsibly building fine quality beverage alcohol brands, including Jack Daniel’s Tennessee Whiskey, Southern Comfort, Finlandia, Jack Daniel’s & Cola, Canadian Mist, Korbel, Gentleman Jack, el Jimador, Herradura, Sonoma-Cutrer, Chambord, New Mix, Tuaca, and Woodford Reserve. Brown-Forman’s brands are supported by nearly 4,000 employees and sold in approximately 160 countries worldwide. For more information about the company, please visit http://www.brown-forman.com/.