Molson Coors in $575 Million Convertible Debt Offering

June 15, 2007

Cleary Gottlieb represented the underwriters, led by Deutsche Bank Securities Inc. and Citigroup Global Markets Inc., in a $575 million registered public offering by Molson Coors Brewing Company of 2.50% convertible senior notes due 2013. In the offering, which closed June 15 (including full exercise of the related over-allotment option), Molson Coors entered into convertible note hedge and warrant transactions that have the effect to Molson Coors of reducing the potential dilution from conversion of the notes.

Molson Coors used a portion of the net proceeds from the offering as partial funding for a tender offer by its Coors Brewing Company subsidiary for the purchase of up to $625 million (increased from the initially announced amount of $450 million) of its outstanding 6 ?% Senior Notes due 2012. Cleary Gottlieb also represented J.P. Morgan Securities Inc. as dealer manager in that offer.

Molson Coors is one of the largest brewers in the world, by volume. Its beer products, including Molson Canadian, Coors Light, and other top-selling brands, are brewed and distributed throughout the U.S., Canada and Europe.