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.
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