Molson Coors Beverage Company Restores Regular Quarterly Dividend Payment; Repays in full its 2.1% senior bonds of $ 1 billion due July 15, 2021; Reaffirms the 2021 financial perspective


GOLDEN, Colorado and MONTREAL, July 15, 2021– (COMMERCIAL THREAD) – Molson Coors Beverage Company (NYSE: TAP, TAP.A) announced today that the company will revert to its practice of paying regular quarterly dividends, repaying the $ 1 billion senior notes in full at 2.1% due July 15, 2021 and once again reaffirmed its guidance for the year 2021.

“Just over 18 months after starting our revitalization plan, we continue to execute and move towards our long-term goal of sustainable revenue growth,” said Gavin Hattersley, president and chief executive officer. the management of Molson Coors. “Thanks to the work done on our revitalization plan, we can now reaffirm our full-year guidance with confidence, while restoring a dividend to increase shareholder value and repaying $ 1 billion in equity. ‘bonds to continue deleveraging. “

Regular quarterly dividend declared

After extensive benchmarking and analysis, the board of directors of Molson Coors made the decision to restore a dividend that they believe is sustainable and leaves room for future increases as the company’s performance improves. improved. The board today declared a regular quarterly dividend on its Class A and Class B common shares of US $ 0.34 per share, payable September 17, 2021, to shareholders of record on August 30, 2021. The quarterly dividend is payable to holders of Class A and Class B Common Shares of Molson Coors Beverage Company. In addition, Molson Coors Canada Inc. (TSX: TPX.B, TPX.A), today declared a quarterly dividend of approximately C $ 0.42 per share (the Canadian dollar equivalent of the dividend declared on Molson Coors Shares), payable September 17, 2021, to its Class A and Class B Exchangeable Shareholders of record on August 30, 2021. Dividends declared on the Class A and Class B Exchangeable Shares are eligible dividends for Canadian tax purposes. The board of directors previously suspended its payment of regular quarterly dividends on May 21, 2020 due to uncertainty over the coronavirus pandemic.

$ 1 billion in repaid bonds

Continuing its commitment to deleverage, Molson Coors repaid in full the $ 1 billion 2.1% senior notes due July 15, 2021 using a combination of commercial paper and cash.

2021 orientation reaffirmed

Molson Coors once again reaffirms its financial forecast for the year 2021, which the Company considers an investment year:

  • Net sales : single-digit average increase from 2020 at constant exchange rates.

  • Underlying EBITDA: roughly stable compared to 2020 at constant exchange rates.

  • Debt reduction: We intend to maintain our investment grade rating, as evidenced by our continued deleveraging. We expect to reach an underlying net debt to EBITDA ratio of around 3.25x by the end of 2021 and below 3.0x by the end of 2022.

  • Underlying depreciation and amortization: about $ 800 million.

  • Consolidated net interest charges: about $ 270 million, plus or minus 5%.

  • Underlying effective tax rate: in the order of 20 to 23% for 2021.

The Company will provide its second quarter financial results during its next investor earnings conference call and webcast on July 29, 2021 at 11 a.m. ET.

About Molson Coors

For more than two centuries, Molson Coors has been brewing drinks that unite people to celebrate all of life’s moments. From Coors Light, Miller Lite, Molson Canadian, Carling and Staropramen to Coors Banquet, Blue Moon Belgian White, Blue Moon LightSky, Vizzy, Leinenkugel’s Summer Shandy, Creemore Springs, Hop Valley and more, Molson Coors produces many brands of fine beer. beloved and iconic. While the company’s history is rooted in beer, Molson Coors offers a modern portfolio that also extends beyond the beer aisle. Our ESG strategy is people and planet focused with a strong commitment to raising industry standards and leaving a positive footprint on our employees, consumers, communities and the environment. To learn more about Molson Coors Beverage Company, visit molsoncoors.com, MolsonCoorsOurImprint.com or on Twitter via @MolsonCoors.

About Molson Coors Canada Inc.

Molson Coors Canada Inc. (MCCI) is a subsidiary of Molson Coors. MCCI’s Class A and Class B Exchangeable Shares offer substantially the same economic and voting rights as the respective classes of Molson Coors common stock, as described in Molson Coors’ annual proxy circular and Form 10- K filed with the United States Securities and Exchange Commission. More specifically, the trustee holding the Class A Special Voting Shares of Molson Coors and the Class B Special Voting Shares is entitled to cast a number of votes equal to the number of Class A Exchangeable Shares. and Class B Exchangeable Shares then outstanding, respectively.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. From time to time, the Company may also provide oral or written forward-looking statements in other documents the Company makes public. These forward-looking statements are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995.

Statements that refer to future events or circumstances are forward-looking statements and include, but are not limited to, the Company’s expectations regarding the payment of future dividends, the protection of future financial performance, our anticipated results, debt service capabilities, timing and amounts of debt and leverage levels In addition, statements made by the Company in this press release that are not statements of historical fact may also be forward-looking statements . Words such as “expect”, “intend”, “goals”, “plans”, “believes”, “continue”, “may”, “anticipate”, “seek”, “estimate” , “Outlook”, “” “future earnings”, “potential”, “plans”, “strategies” and variations of such words and similar expressions are intended to identify forward-looking statements.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those shown (both favorably and unfavorably). These risks and uncertainties include, but are not limited to, the factors discussed in Part I – Item 1A “Risk Factors” in the Company’s 2020 Annual Report on Form 10-K, filed with the SEC on 11 February 2021, and those described from time to time in the Company’s past and future reports filed with the SEC. Care should be taken not to place undue reliance on such forward-looking statements. Forward-looking statements speak only as of the date on which they are made and the Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210715006082/en/

Contacts

Investor Relations
Greg Tierney, (414) 931-3303
Traci Mangini, (415) 308-0151

Media
Marty Maloney, (312) 496-5669


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