US: Molson Coors to repay EUR500m note on StarBev buy
Molson Coors bought StarBev last year
Molson Coors is set to repay a EUR500m (US$670m) bond issued to part-fund its purchase of StarBev last year.
In June 2012, the North American brewer acquired StarBev from CVC Capital Partners for around EUR2.65bn (US$3.54bn). StarBev advised Molson Coors earlier this week that it wants to exercise its right to put the EUR500m Zero-Coupon Senior Unsecured Convertible Bond, which is due this year.
“To satisfy its repayment obligations under the note,”, the brewer said, “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 programme, announced in March 2013.”
Earlier this month, Molson Coors credited StarBev with helping to drive half-year sales and profits.
Last week, MillerCoors unveiled the biggest brand launch in its five-and-a-half year history: Miller Fortune, a beer designed to take on the spirits market. But, how will this strategy play out, and w...
- A Wild Geese, Pernod Ricard conspiracy theory?
- Coca-Cola Beverages Africa - A new powerhouse
- Can craft breweries compete in lager arena?
- Remy Cointreau's Q1 performance by brand, region
- SABMiller's Q1 2017 results - Preview
- Diageo silent on United Spirits job losses
- Diageo starts formal talks over UK pension cuts
- New Hendrick's Gin would have to be "unusual"
- AB InBev faces US$7bn price rise for SABMiller
- Wild Geese gets Australian nod in Pernod legal row
- Adultifying Soft Drinks; Capitalizing on rising adult demand for non-alcoholic beverages
- Global RTD insights - market forecasts, product innovation and consumer trends
- Global travel retail insights - market forecasts, product innovation and consumer trends
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends