Canada: Molson Inc. announced on February 8 that as a result of anticipated changes in its capital structure, it will request approval for amendments to be made to permit it to redeem the Cdn$200,000,000 Floating Rate Medium Term Notes due September 16, 2005 (the "Notes").
Currently, the Notes are not redeemable. Subject to the consent of noteholders, Molson intends to amend the trust indenture to permit the redemption and then redeem the Notes. The trust indenture provides that the written consent of noteholders representing at least 66 2/3% of the aggregate principal amount of such Notes outstanding is required. Molson will seek and accept the written consent from Noteholders by no later than 5:00 p.m. on February 22, 2005 (unless extended) and, assuming the requisite consents are obtained, will redeem the Notes on March 2, 2005.
The noteholders may incur certain costs in reinvesting amounts they receive upon the redemption of the Notes. To compensate the noteholders, the redemption price will include a premium of 0.23% of principal amount of the Notes, together with accrued and unpaid interest to, but not including, the date of redemption.
This redemption of Notes is part of a general restructuring of Molson's debt to simplify its capital structure. If the proposed merger transaction between Molson and Adolph Coors Company is completed as planned on February 9, 2005, Molson will become a wholly-owned indirect subsidiary of Molson Coors Brewing Company. However, the proposed redemption of Notes is not conditional on closing of the Molson and Coors merger transaction.
Molson is Canada's largest brewer and one of the world's leading brewers of quality beer with operations in Canada, Brazil and the United States. A global brewer with Cdn$3.5 billion in gross annual sales, Molson traces its roots back to 1786, making it North America's oldest beer company. Committed to brewing excellence, Molson produces an award-winning portfolio of beers including Molson Canadian, Molson Export, Molson Dry, Rickard's, A Marca Bavaria, Kaiser and Bavaria.
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