Monster Beverage Corporation Waives Financing Condition for Modified Dutch Auction Tender Offer to Purchase Up to $3.0 Billion of Its Outstanding Common Stock

Core Points - Monster Beverage Corporation is amending its modified "Dutch auction" tender offer to purchase shares at a price between $53.00 and $60.00, with a maximum aggregate purchase price of up to $3.0 billion [1] - The tender offer commenced on May 8, 2024, and will expire on June 5, 2024, unless extended or terminated earlier [1] - Monster has entered into a new credit agreement for a $750 million three-year delayed draw senior term loan and a $750 million five-year senior revolving credit facility [2] - The tender offer was initially conditioned on the credit agreement and at least $1.0 billion being funded under the Term Loan and RCF, but this condition has been waived [2] - Certain family members of Monster's co-CEOs intend to tender a total of 10 million shares, along with individual tenders from the co-CEOs [3] Financial Details - Monster plans to borrow $750 million under the new credit agreement and use $2.25 billion in cash on hand to complete the tender offer [2] - The tender offer is subject to the terms outlined in the Offer to Purchase and related documents [4] Management and Advisory - Evercore Group L.L.C. and J.P. Morgan Securities LLC are acting as dealer managers for the tender offer, with D.F. King & Co., Inc. serving as the information agent [5] - Shareholders are encouraged to read the tender offer materials carefully for important information [5]