NEW YORK (TheStreet) -- Molson Coors Brewing (TAP) - Get Report stock is gaining by 2.16% to $90.39 on heavy trading volume on Friday afternoon, after the company priced its public offering of class B common stock.
The company priced its offering of 27,167,630 shares at $86.50 per share.
Molson Coors will receive net proceeds of roughly $2.3 billion, and will put the proceeds toward funding its purchase of the rest of its MillerCoors joint venture with SABMiller (SBMRY).
Should the acquisition not occur, Molson Coors will use the proceeds for general corporate purposes such as share repurchases, acquisitions or debt repayment.
The offering is expected to close around February 3.
About 14.94 million shares of Molson Coors have been traded so far today, well above the company's average trading volume of roughly 1.93 million per share.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B-.
Molson Coors' strengths such as its increase in net income, solid stock price performance, growth in earnings per share, largely solid financial position with reasonable debt levels by most measures and expanding profit margins outweigh the fact that the company has had somewhat disappointing return on equity.
You can view the full analysis from the report here: TAP
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.