CAN/US: Molson Coors completes private placements
Brewing group Molson Coors Brewing Company has announced that its indirect wholly-owned subsidiary Molson Coors Capital Finance ULC has completed two senior note private placements, one in the US and one in Canada.
The placements consist of two tranches, C$900m in 5.0% notes due in 2015 and US$300m in 4.85% notes due in 2010. The placements represent the last phase of the restructuring of the Molson Coors debt following the merger of Molson Inc. and Adolph Coors Company.
"This financing is consistent with one of the merger objectives which was to simplify and streamline our debt structure," said Tim Wolf, the brewer's chief financial officer.
Wolf also acknowledged the strong support and vote of confidence demonstrated by the investment community's interest in this offering. "The underwriting group with whom we worked was instrumental in laying the foundation for the success of the record offering in Canada, as well as the portion marketed in the United States," he said.
The placement is expected to yield net proceeds of around US$1.05bn which will be used to repay borrowings under an existing credit facility and for general corporate purposes.
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