Molson Coors Beverage Co. said ti would resume paying quarterly dividends now that it has paid off$1 billion of 2.1% Senior Notes due July 15.
The first resumed dividend will be 34 cents a share on Class A and B common stock, payable Sept. 17 on stock of record Aug. 30.
Molson Coors had suspended its quarterly payout on May 21 becaused of uncertainty related to the coronavirus pandemic.
The company also reaffirmed its financial guidance for 2021 as follows:
- Net sales revenue: mid-single digit increase versus 2020 on a constant currency basis.
- Underlying EBITDA: approximately flat compared to 2020 on a constant currency basis.
- Deleverage: We intend to maintain our investment grade rating as demonstrated by our continued deleveraging. We expect to achieve a net debt to underlying EBITDA ratio of approximately 3.25x by the end of 2021 and below 3.0x by the end of 2022.
- Underlying depreciation and amortization: approximately $800 million.
- Consolidated net interest expense: approximately $270 million, plus or minus 5%.
- Underlying effective tax rate: in the range of 20% to 23% for 2021.