US: Coors Brewing completes partial tender offer

By just-drinks.com editorial team | 11 July 2007

Coors Brewing Company, the US subsidiary of Molson Coors Brewing Company has announced that it has accepted and purchased US$625m aggregate principal amount of its 6.375% Senior Notes due 2012 that were tendered in response to its previously announced tender offer.

Based on the final count by the depositary, $680.9m aggregate principal amount of notes had been validly tendered in the offer. Because the principal amount of notes validly tendered exceeded the maximum tender amount of $625m, Coors Brewing Company accepted notes for purchase on a pro rata basis based on the principal amount of notes tendered. The proration factor applied was approximately 91.77%.

Coors Brewing Company paid approximately $651.8m for all of the notes purchased in the tender offer, which included the tender offer consideration, the early tender premium, as applicable, and accrued but unpaid interest up to, but not including, the settlement date.

The tender offer was funded in part with a portion of the proceeds from the issuance by Molson Coors Brewing Company of $575m aggregate principal amount of 2.5% convertible senior notes due July 30, 2013.

JP Morgan Securities Inc. acted as the dealer manager for the tender offer, and Global Bondholder Services Corporation acted as information agent for the tender offer.

Sectors: Beer & cider

Companies: Molson Coors