E-Malt.com News article: USA & Canada: Molson Coors announces tender offer for 6.375% senior notes due 2012

Molson Coors Brewing Company announced that its subsidiary, Coors Brewing Company (the "Company"), has commenced a tender offer (the "Offer") to purchase for cash any and all of its 6.375% Senior Notes due 2012 (the "2012 Notes"), Market Wire reported February 7.

The Company is tendering for the 2012 Notes with the intent of improving the quality of its already strong, investment grade balance sheet, and further strengthening its credit profile. The Offer will be funded with cash on hand.

The Offer is being made upon and is subject to the terms and conditions set forth in the Offer to Purchase dated February 7, 2008, (the "Offer to Purchase") and the related Letter of Transmittal. Under the terms of the Offer, the purchase price for each $1,000 principal amount of 2012 Notes validly tendered and accepted for payment will be based on a fixed spread of 70 basis points, or 0.70%, over the yield to maturity based on the bid side price of the 4.75% U.S. Treasury Note due May 31, 2012. The yield to maturity of the reference U.S. Treasury Note used in the fixed spread formulas will be set at 2:00 p.m. EST, on February 14, 2008, or a later date if the Offer is extended (the "Price Determination Date").

The Offer will expire at 5:00 p.m. EST on February 14, 2008, unless the Offer is extended or earlier terminated. Tendered 2012 Notes may be withdrawn at any time before the expiration time. Payment of the purchase price for tendered 2012 Notes, plus accrued and unpaid interest up to the date of payment, will be paid in same-day funds on the third New York City business day following the expiration of the Offer or as soon as practicable thereafter. It is expected that payment will be made on February 20, 2008.

Subject to applicable law and certain provisions in the indenture governing the 2012 Notes, the Company may, in its sole discretion, waive any condition applicable to the Offer and may extend or otherwise amend the Offer. The Offer is not conditioned on a minimum amount of 2012 Notes being tendered.

Deutsche Bank Securities Inc. and Morgan Stanley are acting as Dealer Managers for the Offer. The Depositary and the Information Agent is Global Bondholder Services Corporation.

About Molson Coors Brewing Company

Molson Coors Brewing Company is one of the world's largest brewers. It brews, markets and sells a portfolio of leading premium quality brands such as Coors Light, Molson Canadian, Molson Dry, Carling, Coors, and Keystone Light. It operates in Canada, through Molson Canada; in the U.S., through Coors Brewing Company; in the UK, Europe and Asia, through Coors Brewers Limited.


08 February, 2008