MOLSON COORS BEVERAGE COTAP
MOLSON COORS BEVERAGE CO Debt Disclosure
Debt
Debt Obligations
| As of | |||||||||||
| December 31, 2025 | December 31, 2024 | ||||||||||
| (In millions) | |||||||||||
| Long-term debt | |||||||||||
CAD 500 million 3.44% senior notes due July 2026(1) | $ | 364.3 | $ | 347.6 | |||||||
$2.0 billion 3.0% senior notes due July 2026(1) | 2,000.0 | 2,000.0 | |||||||||
EUR 800 million 3.8% senior notes due June 2032(2) | 939.7 | 828.3 | |||||||||
$1.1 billion 5.0% senior notes due May 2042(3) | 1,100.0 | 1,100.0 | |||||||||
$1.8 billion 4.2% senior notes due July 2046(1) | 1,800.0 | 1,800.0 | |||||||||
| Finance leases | 64.7 | 66.8 | |||||||||
| Other | 26.1 | 21.7 | |||||||||
| Less: unamortized debt discounts and debt issuance costs | (34.7) | (38.2) | |||||||||
| Total long-term debt (including current portion) | 6,260.1 | 6,126.2 | |||||||||
| Less: current portion of long-term debt | (2,394.7) | (12.3) | |||||||||
| Total long-term debt | $ | 3,865.4 | $ | 6,113.9 | |||||||
Short-term borrowings(4) | 39.4 | 19.9 | |||||||||
| Current portion of long-term debt | 2,394.7 | 12.3 | |||||||||
| Current portion of long-term debt and short-term borrowings | $ | 2,434.1 | $ | 32.2 | |||||||
(1)We issued senior notes in 2016 in order to partially fund the financing of the MillerCoors acquisition.
(2)On May 29, 2024, we issued EUR 800 million 3.8% senior notes with a maturity of June 15, 2032 ("EUR 2032 Senior Notes"). The issuance resulted in proceeds of EUR 793.4 million, which were net of discounts and fees. Additionally, upon issuance we designated the EUR 2032 Senior Notes as a hedge of our investment in a EUR functional currency subsidiary. See Note 10, "Derivative Instruments and Hedging Activities" for further details.
(3)On May 3, 2012, we issued senior notes of $1,100.0 million due May 2042. The issuance resulted in proceeds of $1,086.5 million, which were net of discounts and fees.
(4)Our short-term borrowings include bank overdrafts, borrowings on our overdraft facilities and other items.
As of December 31, 2025, we had $32.3 million in bank overdrafts and $62.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $29.7 million. As of December 31, 2024, we had $13.0 million in bank overdrafts and $59.0 million in bank cash related to our cross-border, cross-currency cash pool for a net positive position of $46.0 million.
In addition, we have CAD, GBP and USD overdraft facilities under which we had no outstanding borrowings as of December 31, 2025 or December 31, 2024.
A summary of our short-term facility availability is presented below. See Note 13, "Commitments and Contingencies" for further discussion related to letters of credit.
•CAD unlimited overdraft facility at CAD Prime plus 0.50%
•GBP 10 million overdraft facility at GBP Base Rate plus 2.25%
•USD 10 million overdraft facility at USD Prime plus 5%
Debt Fair Value Measurements
We utilize market approaches to estimate the fair value of certain outstanding borrowings by discounting anticipated future cash flows derived from the contractual terms of the obligations using observable market interest and foreign exchange rates. As of December 31, 2025 and December 31, 2024, the fair value of our outstanding long-term debt (including the current portion of long-term debt) was approximately $5.9 billion and $5.7 billion, respectively. All senior notes are valued based on significant observable inputs and classified as Level 2 in the fair value hierarchy. The carrying values of all other outstanding long-term borrowings and our short-term borrowings approximate their fair values and are also classified as Level 2 in the fair value hierarchy.
Revolving Credit Facility and Commercial Paper
On June 26, 2025, we amended our existing $2.0 billion multi-currency revolving credit facility to extend the maturity date from June 26, 2029 to June 26, 2030. The amendment did not change the borrowing capacity of the revolving credit facility, which allows us to issue a maximum aggregate amount of $2.0 billion in commercial paper or make other borrowings at any time at variable interest rates. The $150 million sub-facility available for the issuance of letters of credit remained unchanged. We use this facility from time to time to fund the repayment of debt upon maturity and for working capital or general purposes.
We had no borrowings drawn on the amended and restated multi-currency revolving credit facility and no commercial paper borrowings as of December 31, 2025 and December 31, 2024.
Debt Covenants
Under the terms of each of our debt facilities, we must comply with certain restrictions. These include customary events of default and specified representations, warranties and covenants, as well as covenants that restrict our ability to incur certain additional priority indebtedness (certain thresholds of secured consolidated net tangible assets), certain leverage threshold percentages, create or permit liens on assets, and restrictions on mergers, acquisitions and certain types of sale lease-back transactions.
Under the amended and restated $2.0 billion multi-currency revolving credit facility, we are required to maintain a maximum leverage ratio, calculated as net debt to EBITDA (as defined in the amended and restated multi-currency revolving credit facility agreement) of 4.00x, measured as of the last day of each fiscal quarter through maturity of the credit facility. As of December 31, 2025 and December 31, 2024, we were in compliance with all of these restrictions and covenants, have met such financial ratios, and have met all debt payment obligations. All of our outstanding senior notes as of December 31, 2025, rank pari-passu.
As of December 31, 2025, the aggregate principal debt maturities of long-term debt and short-term borrowings excluding finance leases, based on foreign exchange rates as of December 31, 2025, were as follows:
| Year | Amount | |||||||
| (In millions) | ||||||||
| 2026 | $ | 2,424.7 | ||||||
| 2027 | 0.5 | |||||||
| 2028 | 0.5 | |||||||
| 2029 | 1.7 | |||||||
| 2030 | 0.5 | |||||||
| Thereafter | 3,841.6 | |||||||
| Total | $ | 6,269.5 | ||||||
The future maturities of finance leases are disclosed in Note 8, "Leases."
We have upcoming debt maturities in 2026, as illustrated in the table above. We are currently evaluating various alternatives with respect to these maturities, including the potential refinancing of all or a portion of the outstanding debt, which may involve utilizing our amended and restated $2.0 billion multi-currency revolving credit facility, cash and cash equivalents and/or cash flows from operations. We have not made a decision at this time, and the timing, structure and terms of any such transactions will depend on capital market conditions and other factors.
Interest
| For the years ended | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| (In millions) | |||||||||||||||||
| Interest incurred | $ | 256.3 | $ | 295.1 | $ | 243.4 | |||||||||||
| Interest capitalized | (8.4) | (12.4) | (9.4) | ||||||||||||||
| Interest expensed | $ | 247.9 | $ | 282.7 | $ | 234.0 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 11, 2021 | |
| 2019 | Feb 12, 2020 | |
| 2018 | Feb 12, 2019 | |
| 2017 | Feb 14, 2018 | |
| 2016 | Feb 14, 2017 | |
| 2015 | Feb 11, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.