Molson Coors Beverage Company (TAP) Raises Debt After Impressive Q1 Results

Molson Coors Beverage Company (NYSE:TAP) is one of the best sin stocks to buy now. On May 20, Molson Coors Beverage Company (NYSE:TAP) ventured into the debt market with the pricing of CAD$500 million in 4.3% senior notes due 2033. The company plans to use net proceeds from the offering for general corporate purposes, including repayment of 3.44% notes due this year.

The pricing of the offering follows solid first-quarter results that were largely in line with expectations, despite a challenging macroeconomic environment. Net sales were up 2% to $2.35 billion, while U.S. GAAP income before income taxes increased 24.6% to $194.7 million, driven by favorable pricing and sales mix. Diluted earnings per share were up 24% to $0.62.

Management expects the solid start to the year to persist throughout the year, with net sales expected to remain flat or increase by 1% or minus 1%.

During the first quarter, Molson Coors Beverage Company asserted its commitment to shareholder value by repurchasing 3.4 million shares for about $164 million, representing a 225% increase. The company also increased its quarterly dividend by 2.1% to $ 0.48 per share, marking the fifth consecutive year of dividend increases.

Molson Coors Beverage Company (NYSE:TAP) produces, markets, and distributes a massive portfolio of alcoholic and non-alcoholic beverages. While globally known as one of the world’s largest brewers of iconic beers, the multinational company has expanded beyond traditional beer to include flavored malt beverages, seltzers, spirits, and non-alcoholic options.

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