Molson Coors Brewing Company
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TSX : TAP.A
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Molson Coors Brewing Company

July 11, 2007 07:00 ET

Coors Brewing Company Announces Completion of its Partial Tender Offer for 6-3/8% Senior Notes Due 2012

GOLDEN, COLORADO--(Marketwire - July 11, 2007) - Coors Brewing Company, the U.S. subsidiary of Molson Coors Brewing Company (TSX:TAP.A)(TSX:TAP.B)(NYSE:TAP), today announced that it has accepted and purchased $625.0 million aggregate principal amount of its 6.375% Senior Notes due 2012 that were tendered in response to its previously announced tender offer. The tender offer expired at 5:00 p.m., Eastern Daylight Time, on July 10, 2007.

Based on the final count by the depositary, as of the expiration time, $680.9 million aggregate principal amount of notes had been validly tendered in the offer. Because the principal amount of notes validly tendered exceeded the maximum tender amount of $625 million, Coors Brewing Company accepted notes for purchase on a pro rata basis based on the principal amount of notes tendered. The proration factor applied was approximately 91.77% (rounded up to the nearest $1,000 of principal amount for each tendering holder).

Coors Brewing Company paid approximately $651.8 million for all of the notes purchased in the tender offer, which included the tender offer consideration, the early tender premium, as applicable, and accrued but unpaid interest up to, but not including, the settlement date. The tender offer was funded in part with a portion of the proceeds from the issuance by Molson Coors Brewing Company (Coors Brewing Company's parent) of $575 million aggregate principal amount of 2.5% convertible senior notes due July 30, 2013.

J.P. Morgan Securities Inc. acted as the dealer manager for the tender offer, and Global Bondholder Services Corporation acted as information agent for the tender offer.

This press release is neither an offer to purchase nor a solicitation of an offer to sell the notes or any other security.

About Coors Brewing Company

Coors Brewing Company is a subsidiary of Molson Coors Brewing Company. It is the third-largest brewer in the United States. The company's U.S. brands include Coors Light, Molson Canadian, Coors Banquet, Killian's Irish Red, Keystone, Blue Moon, Coors NA, and Zima. For more information on Coors Brewing Company, visit the company's Web site, www.coors.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws regarding, among other things, Molson Coors' intention to issue the notes, its intended use of the resulting proceeds and its intention to enter into convertible note hedge and warrant transactions. When used in this press release, the words "intends to," "anticipates," "expects," and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. The success of the offering and the sale of the notes are subject to a number of conditions, not all of which are within Molson Coors' control. There is no assurance that Molson Coors Brewing Company will successfully complete the proposed offering or apply the proceeds of the offering as presently intended, or that Coors Brewing Company will complete the described tender offer. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including the impact of changes in national and regional economies, changes in the interest rate environment, other credit facility market conditions, and the other risk factors set forth in Molson Coors' most recent reports on Form 10-Q and Form 10-K, as filed with the Securities and Exchange Commission. Molson Coors undertakes no obligation to update these forward-looking statements except as required by law.

Contact Information

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    Paul de la Plante
    514-590-6349
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    Investor Relations
    Dave Dunnewald
    303-279-6565
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    Kevin Caulfield
    303-277-6894