DBRS Assigns Rating of BBB, Stable Trend, to Molson Coors’ New Debt Issuance

DBRS Limited (DBRS) has today assigned a rating of BBB with a Stable trend to Molson Coors International LP’s (Molson Coors or the Company) private placement of three-year and five-year Canadian-dollar notes (the Notes) totalling C$900 million announced on September 11, 2015.

The issuance is made up of the following tranches:

(1) 2.250% Series 1 ($400 million) Senior Unsecured Notes due September 18, 2018, and
(2) 2.750% Series 2 ($500 million) Senior Unsecured Notes due September 18, 2020.

The Notes will be unconditionally and irrevocably guaranteed by Molson Coors Brewing Company and certain of its subsidiaries. The Notes will be senior unsecured obligations of the Issuer and the Guarantors, respectively, and will rank equally with all of the Issuer’s and Guarantors’ other unsecured and unsubordinated indebtedness.

The Company intends to use the net proceeds from the Notes for general corporate purposes, including refinancing of maturing debt.

Notes:
All figures are in Canadian dollars unless otherwise noted.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is Rating Companies in the Consumer Products Industry (August 2015), which can be found on our website under Methodologies.