Molson to Tap Debt Market

The big brewer wants to sell senior notes to pay down a credit line.
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Molson Coors

(TAP) - Get Report

said it would sell some five- and 10-year senior notes this month in a bid to repay $1 billion in debt.

The brewer said its Molson Coors Capital Finance would make a private placement, with most notes sold in Canada to accredited investors and others sold in the U.S. to qualified institutional buyers under Rule 144A.

The proceeds will be used to repay borrowings under a credit facility in which Molson Coors and some of its units are borrowers.

On Monday, shares of Molson Coors fell 41 cents to $65.65.