The Canadian brewer Molson has issued C$50 million principal amount of floating rate medium-term notes maturing October 19, 2004, the company said in a statement.

This is the second issuance of notes out of a total C$500m medium-term note program.

The company said the notes are direct unsecured obligations of Molson and were offered by way of a private placement through RBC Dominion Securities Inc.

The net proceeds will be used to repay a portion of its debt under an existing credit facility.