DBRS rates Molson Coors notes BBB (low)

DBRS said it assigned a rating of BBB (low) with a stable trend to Molson Coors Brewing Co.’s new senior notes issuance.

The issuance is made up of $500 million 1.45% senior notes due 2019; $1 billion 2.1% senior notes due 2021; $2 billion 3% senior notes due 2026; $1.8 billion 4.2% senior notes due 2046 and €800 million 1.25% senior notes due 2024.

The notes issued by Molson Coors will be senior unsecured debt obligations and rank pari passu with the company’s other senior unsecured indebtedness, DBRS said.

The agency also said it assigned a rating of BBB (low) with a stable trend to Molson Coors International LP’s new senior notes issuance, which is guaranteed by Molson Coors.

The issuance is made up of C$500 million 2.84% senior notes due 2023 and $C500 million 3.44% senior notes due 2026.

The notes issued by Molson Coors International will be senior unsecured debt obligations and will rank pari passu with other unsecured debt of both companies, DBRS said.

The proceeds will be used to partially fund the previously announced acquisition from Anheuser-Busch InBev SA/NV of SABMiller plc’s 58% interest in MillerCoors LLC and all other assets primarily related to the Miller brand portfolio outside of the United States and Puerto Rico, the agency said.

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