Molson Coors Brewing Company (NYSE: TAP) today announced that it has
paid all outstanding principal and interest to maturity on its 2.50%
Convertible Senior Notes due July 30, 2013 (the “Notes”). In addition,
the Company announced its election to pay 100% of any Residual Amount
due on the Notes in cash pursuant to the terms of the Indenture, dated
as of June 15, 2007, by and among the Company, the guarantors named
therein and Deutsche Bank Trust Company Americas, as trustee, as
supplemented and amended (the “Indenture”).
On or prior to July 29, 2013, holders of the Notes had the option to
convert each $1,000 in principal amount of the Notes into $1,000 in
cash. If a holder made such an election, Molson Coors paid an amount in
cash equal to the principal amount of the Notes so converted on the
maturity date and will pay an amount in cash equal to 100% of the
Residual Amount, if any, on September 9, 2013. The Residual Amount for
any Notes converted at any time after June 17, 2013, and on or prior to
July 29, 2013 is based on whether the Company’s weighted average stock
price (TAP) exceeds the then-applicable conversion price during each of
the 25 Trading Days following the maturity date. At the maturity date,
the conversion price and ratio were $51.8284 and 19.2944 shares,
respectively. The conversion ratio and conversion price are subject to
adjustments for certain events as further defined in the Indenture,
including dividend payments in excess of defined thresholds.
Overview of Molson Coors
Molson Coors Brewing Company is one of the world’s largest brewers. The
Company’s operating segments include Canada, the United States, Europe,
and Molson Coors International (MCI). The Company has a diverse
portfolio of owned and partner brands, including signature brands Coors
Light, Molson Canadian, Staropramen and Carling. Molson Coors is listed
as the beverage industry sector leader on the 2012/2013 Dow Jones
Sustainability World Index (W1SGITRD), the most recognized global
benchmark of sustainability among global corporations. For more
information on Molson Coors Brewing Company, visit the company’s web
site, www.molsoncoors.com.
Copyright Business Wire 2013