Molson Coors To Repay EUR 500 Mln Convertible Note

(RTTNews) - Molson Coors Brewing Co. (TAP, TPX.TO) announced that it received notice from Starbev L.P. exercising its right to put the 500 million euros Zero-Coupon Senior Unsecured Convertible Bond due 2013.

Molson Coors said that, On or before September 3, 2013, it will repay the Note principal, (less any applicable withholdings permitted under the terms of the Note), plus the upside amount as of the put exercise date, August 13.

The Note was issued as part of the purchase price paid by Molson Coors for StarBev in June 2012.

Molson Coors stated that, to satisfy its repayment obligations under the Note, it 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 program announced in March 2013.