Daily News: July 14, 2017

Citibank Agents $1.5B Facility for Molson Coors Brewing


Molson Coors International and Molson Coors Brewing UK, closed a $1.5 billion credit agreement with Citibank as administrative agent and issuing bank.

According to a related 8-K filing, Bank of America and The Bank of Tokyo Mitsubishi served as U.S. issuing banks. Citigroup Global Markets, Merrill Lynch and the Bank of Tokyo Mitsubishi served as joint lead arrangers and joint bookrunners.

The credit agreement replaces the $750 million credit agreement of June 18, 2014 with Deutsche Bank AG New York Branch, as administrative agent and an issuing bank.

The credit agreement provides for a five-year revolving credit facility of up to $1.5 billion. The borrowers may request an increase in the credit facility by an amount not to exceed the sum of $500 million and such additional amounts as would not cause the company’s leverage ratio to exceed 4.00:1.00 on a pro forma basis after giving effect to such increase that is not committed by any lender. The credit agreement will mature on July 7, 2022, subject to extension of the maturity date in certain circumstances up to an additional two years, and the principal amount outstanding thereunder, together with all accrued unpaid interest and other amounts owed thereunder, if any, will be payable in full on such maturity date.