Molson Coors Announces Cash Payment at Maturity for Any Residual Amount Due on 2.50% Convertible Sen

Before you go, we thought you'd like these...
Before you go close icon

Molson Coors Announces Cash Payment at Maturity for Any Residual Amount Due on 2.50% Convertible Senior Notes Due July 30, 2013

DENVER & MONTREAL--(BUSINESS WIRE)-- Molson Coors Brewing Company (NYS: 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.



Molson Coors Brewing Company
News Media
Colin Wheeler, 303-927-2443
or
Investor Relations
Dave Dunnewald, 303-927-2334

KEYWORDS:   United States  North America  Canada  Colorado

INDUSTRY KEYWORDS:

The article Molson Coors Announces Cash Payment at Maturity for Any Residual Amount Due on 2.50% Convertible Senior Notes Due July 30, 2013 originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

Cops Catch Up To A Suspicious Speeding Vehicle - And Make An Appalling Discovery Inside Cops Catch Up To A Suspicious Speeding Vehicle - And Make An Appalling Discovery Inside
If You Find One Of These In Your Yard, Don't Touch It - And Try Not To Panic If You Find One Of These In Your Yard, Don't Touch It - And Try Not To Panic
Don't Get Too Close To a Newborn Giraffe Unless You Want to Get Kicked in the Nuts Don't Get Too Close To a Newborn Giraffe Unless You Want to Get Kicked in the Nuts