Molson Coors Brewing Company (NYSE: TAP; TSX: TPX) today announced that it received notice from Starbev L.P. exercising its right to put the €500 million Zero-Coupon Senior Unsecured Convertible Bond due 2013 (the “Note”). On or before September 3, 2013, Molson Coors will repay the Note principal (less any applicable withholdings permitted under the terms of the Note), plus the upside amount as of the put exercise date, August 13.
The Note was issued as part of the purchase price paid by Molson Coors for StarBev in June 2012. To satisfy its repayment obligations under the Note, Molson Coors intends to use one or more of the following sources: cash on hand, borrowings from existing credit facilities, and/or the proceeds from the issuance of unsecured commercial paper notes under its commercial paper program announced in March 2013.
Overview of Molson Coors
Molson Coors Brewing Company is one of the world’s largest brewers. The Company’s operating segments include Canada, the United States, Europe, and Molson Coors International (MCI). The Company has a diverse portfolio of owned and partner brands, including signature brands Coors Light, Molson Canadian, Staropramen and Carling. Molson Coors is listed as the beverage industry sector leader on the 2012/2013 Dow Jones Sustainability World Index (W1SGITRD), the most recognized global benchmark of sustainability among global corporations. For more information on Molson Coors Brewing Company, visit the company’s web site, www.molsoncoors.com.