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Debt Long Term Borrowings (Details)
12 Months Ended 9 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 0 Months Ended 48 Months Ended 3 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 1 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 12 Months Ended
Dec. 31, 2013
USD ($)
Dec. 29, 2012
USD ($)
Dec. 31, 2011
USD ($)
Sep. 28, 2013
Noncash Interest Expense
USD ($)
Dec. 31, 2013
Noncash Interest Expense
USD ($)
Dec. 29, 2012
Noncash Interest Expense
USD ($)
Sep. 30, 2010
Foreign currency forwards
CAD
Sep. 25, 2005
Foreign currency forwards
CAD
Oct. 06, 2010
Foreign currency forwards
CAD
Sep. 25, 2010
Foreign currency forwards
Sep. 22, 2005
Foreign currency forwards
CAD
Dec. 29, 2012
Treasury Lock Loss
Interest Rate Contract
USD ($)
Sep. 09, 2013
$575 million 2.5% convertible Senior Notes due 2013
USD ($)
Dec. 31, 2013
$575 million 2.5% convertible Senior Notes due 2013
USD ($)
Dec. 29, 2012
$575 million 2.5% convertible Senior Notes due 2013
USD ($)
Dec. 31, 2011
$575 million 2.5% convertible Senior Notes due 2013
USD ($)
Jul. 31, 2013
$575 million 2.5% convertible Senior Notes due 2013
USD ($)
Jun. 15, 2007
$575 million 2.5% convertible Senior Notes due 2013
USD ($)
Jun. 15, 2012
Convertible Senior Unsecured Note Due 2013 €500 Million 0.0% [Member]
USD ($)
May 03, 2012
Convertible Senior Unsecured Note Due 2013 €500 Million 0.0% [Member]
Treasury Lock Loss
Interest Rate Contract
Dec. 31, 2013
Other Debt Balances
USD ($)
Dec. 29, 2012
Other Debt Balances
USD ($)
Jun. 15, 2012
Molson Coors Central Europe (MCCE)
USD ($)
Jun. 15, 2012
Molson Coors Central Europe (MCCE)
EUR (€)
Dec. 31, 2013
Fair value, level 3 inputs
USD ($)
Dec. 29, 2012
Fair value, level 3 inputs
USD ($)
Dec. 31, 2011
Fair value, level 3 inputs
USD ($)
Dec. 29, 2012
Senior Notes
USD ($)
May 03, 2012
Senior Notes
USD ($)
Oct. 06, 2010
Senior Notes
USD ($)
Dec. 29, 2012
Senior Notes
Bridge facility fees
USD ($)
Dec. 31, 2013
Senior Notes
$575 million 2.5% convertible Senior Notes due 2013
USD ($)
Dec. 29, 2012
Senior Notes
$575 million 2.5% convertible Senior Notes due 2013
USD ($)
Dec. 31, 2013
Senior Notes
Convertible Senior Unsecured Note Due 2013 €500 Million 0.0% [Member]
USD ($)
Dec. 29, 2012
Senior Notes
Convertible Senior Unsecured Note Due 2013 €500 Million 0.0% [Member]
USD ($)
Dec. 31, 2013
Senior Notes
Canadian dollar ("CAD") 900 million 5.0% notes due 2015
USD ($)
Dec. 31, 2013
Senior Notes
Canadian dollar ("CAD") 900 million 5.0% notes due 2015
CAD
Dec. 29, 2012
Senior Notes
Canadian dollar ("CAD") 900 million 5.0% notes due 2015
USD ($)
Dec. 31, 2013
Senior Notes
CAD 500 million 3.95% Series A notes due 2017
USD ($)
Dec. 31, 2013
Senior Notes
CAD 500 million 3.95% Series A notes due 2017
CAD
Dec. 29, 2012
Senior Notes
CAD 500 million 3.95% Series A notes due 2017
USD ($)
Dec. 31, 2013
Senior Notes
$300 million 2.0% notes due 2017
USD ($)
Dec. 29, 2012
Senior Notes
$300 million 2.0% notes due 2017
USD ($)
May 03, 2012
Senior Notes
$300 million 2.0% notes due 2017
USD ($)
Dec. 31, 2013
Senior Notes
$500 million 3.5% notes due 2022
USD ($)
Dec. 29, 2012
Senior Notes
$500 million 3.5% notes due 2022
USD ($)
May 03, 2012
Senior Notes
$500 million 3.5% notes due 2022
USD ($)
Dec. 29, 2012
Senior Notes
$1.1 billion 5.0% notes due 2042
USD ($)
Dec. 31, 2013
Senior Notes
$1.1 billion 5.0% notes due 2042
USD ($)
May 03, 2012
Senior Notes
$1.1 billion 5.0% notes due 2042
USD ($)
Jun. 15, 2012
Senior Notes
Molson Coors Central Europe (MCCE)
USD ($)
Apr. 03, 2016
Term Loan Agreement
Apr. 03, 2012
Term Loan Agreement
USD ($)
Sep. 29, 2012
Term Loan Agreement
Tranch 1
USD ($)
Apr. 03, 2012
Term Loan Agreement
Tranch 1
Tranche
Sep. 29, 2012
Term Loan Agreement
Tranch 2
EUR (€)
Dec. 31, 2013
Term Loan Agreement
Tranch 2
USD ($)
Dec. 31, 2013
Term Loan Agreement
Tranch 2
EUR (€)
Dec. 29, 2012
Term Loan Agreement
Tranch 2
USD ($)
Apr. 03, 2012
Term Loan Agreement
Tranch 2
USD ($)
Tranche
Apr. 03, 2012
Term Loan Agreement
Tranch 2
EUR (€)
Jun. 15, 2012
Convertible Debt
Molson Coors Central Europe (MCCE)
USD ($)
Sep. 03, 2013
Convertible Debt
Molson Coors Central Europe (MCCE)
Convertible Senior Unsecured Note Due 2013 €500 Million 0.0% [Member]
USD ($)
Sep. 03, 2013
Convertible Debt
Molson Coors Central Europe (MCCE)
Convertible Senior Unsecured Note Due 2013 €500 Million 0.0% [Member]
EUR (€)
Aug. 13, 2013
Convertible Debt
Molson Coors Central Europe (MCCE)
Convertible Senior Unsecured Note Due 2013 €500 Million 0.0% [Member]
EUR (€)
Jun. 15, 2012
Convertible Debt
Molson Coors Central Europe (MCCE)
Convertible Senior Unsecured Note Due 2013 €500 Million 0.0% [Member]
EUR (€)
Dec. 31, 2013
Convertible Debt
Molson Coors Central Europe (MCCE)
Convertible Senior Unsecured Note Due 2013 €500 Million 0.0% [Member]
USD ($)
Dec. 31, 2013
Convertible Debt
Molson Coors Central Europe (MCCE)
Convertible Senior Unsecured Note Due 2013 €500 Million 0.0% [Member]
EUR (€)
Jan. 31, 2014
Convertible Debt
Molson Coors Central Europe (MCCE)
Convertible Senior Unsecured Note Due 2013 €500 Million 0.0% [Member]
Subsequent Event
USD ($)
Jan. 31, 2014
Convertible Debt
Molson Coors Central Europe (MCCE)
Convertible Senior Unsecured Note Due 2013 €500 Million 0.0% [Member]
Subsequent Event
EUR (€)
Apr. 03, 2012
Line of Credit
USD ($)
Dec. 29, 2012
Line of Credit
USD ($)
Jun. 30, 2012
Line of Credit
USD ($)
Sep. 10, 2012
Line of Credit
Central Europe
EUR (€)
Dec. 31, 2013
Line of Credit
Central Europe
EUR (€)
Jun. 30, 2011
Line of Credit
Revolving Multicurrency Bank Credit Facility
Jun. 25, 2011
Line of Credit
Revolving Multicurrency Bank Credit Facility
USD ($)
Jun. 25, 2011
Line of Credit
Revolving Multicurrency Bank Credit Facility
Letter of Credit
USD ($)
Mar. 30, 2013
Commercial Paper Program
USD ($)
Dec. 31, 2013
Interest expense, net
Debt
USD ($)
Dec. 29, 2012
Interest expense, net
Debt
USD ($)
Debt Instrument [Line Items]                                                                                                                                                                  
Long-term Debt, Gross                                                               $ 0 $ 575,000,000 $ 61,800,000 [1] $ 668,700,000 [1] $ 847,200,000 [2] 900,000,000 [2] $ 902,700,000 [2] $ 470,700,000 [2] 500,000,000 [2] $ 501,500,000 [2] $ 300,000,000 [3] $ 300,000,000 [3]   $ 500,000,000 [3] $ 500,000,000 [3]   $ 1,100,000,000 [3] $ 1,100,000,000 [3]               $ 0 [4]   $ 123,900,000 [4]                                            
Other Long-term Debt 200,000 500,000                                                                                                                                                              
Long-term credit facilities 0 [5] 0 [5]                                                                                                                                                              
Less: unamortized debt discounts and other (5,100,000) [6] (17,400,000) [6]                                     (5,100,000) (6,600,000)                                                                                                                      
Total long-term debt (including current portion) 3,274,800,000 4,654,900,000                                                                                                                                                              
Current portion of long-term debt 61,800,000 1,232,400,000                                                                                                                                                              
Long-term debt 3,213,000,000 3,422,500,000                                                                                                                                                              
Short-term Debt 525,100,000 13,200,000                                                                                                                                                              
Debt, Current 586,900,000 1,245,600,000                                                                                                                                                              
Debt Instruments [Abstract]                                                                                                                                                                  
Debt instrument, face amount                 500,000,000   900,000,000             575,000,000                     1,900,000,000 500,000,000                           300,000,000     500,000,000     1,100,000,000     300,000,000 150,000,000           150,000,000 120,000,000                                        
Required premium payment                         2,600,000                                                                                                                                        
Proceeds from call options                         2,600,000                                                                                                                                        
Stock price that must be attained to require issuance of warrants                           $ 66.13                                                                                                                                      
Debt Instrument Increase in Effective Cost of Borrowing Expressed as Basis Points over Stated Coupon, Rate                   0.23% 0.05%                                                                                                                                            
Derivative, Loss on Derivative             7,800,000 4,000,000                                                                                                                                                  
Debt instrument, interest rate percentage                                   2.50%                           2.50%   0.00%   5.00% 5.00%   3.95% 3.95%   2.00%   2.00% 3.50%   3.50%   5.00% 5.00%                                                              
Debt instrument, term                                                                                                       4 years                                                          
Debt instrument, principal amount, per share                                   1,000                                                                                                                              
Convertible debt, conversion price per share                                 $ 51.8284 $ 54.76                                                                                                                              
Percentage of premium over stock price of convertible debt                                   25.00%                                                                                                                              
Debt instrument, convertible number of equity instruments, ratio                                 19.2944 18.263                                                                                                                              
Less: unamortized debt discounts and other (5,100,000) [6] (17,400,000) [6]                                     (5,100,000) (6,600,000)                                                                                                                      
Non-cash interest expense       10,800,000   18,100,000                                                                                                                                                      
Effect of change on basic earnings per share $ (0.04) $ (0.06) $ (0.06)                                                                                                                                                            
Convertible debt, interest expense 183,800,000 196,300,000 118,700,000                     8,400,000 14,400,000 14,600,000                                                                                                                                  
Debt instrument, effective interest rate 5.73% 5.75% 5.90%                                                                                                                                                            
Noncash interest expense due to amortization of unamortized debt discount in future periods, convertible debt, estimated range high         10,800,000                                                                                                                                                        
Convertible note hedge cover class B common shares                           10,800,000                                                                                                                                      
Class of warrant, exercise price of warrant                           67.82                                                                                                                                      
Class of warrant premium percentage over stock price                           60.00%                                                                                                                                      
Net proceeds resulting from issuance of notes offset by proceeds received from warrant transaction                             50,000,000                                                                                                                                    
Business acquisition, cost of acquired entity, liabilities incurred                                             3,400,000,000 2,700,000,000                                                     585,000,000 [7]                     645,900,000 [8]       500,000,000                              
Business Combination, Payment of Claim Settlement                                                                                                                                         46,300,000 34,000,000                      
Convertible debt, settlement of conversion feature                                                                                                                             14,400,000   10,900,000 12,100,000                              
Business Combination, Payment Withheld                                                                                                                                     61,800,000 44,900,000                          
Convertible debt, shares issued upon conversion                                       12,894,044                                                                                                                          
Debt Conversion, Converted Instrument, Amount                                                                                                                             614,700,000 466,000,000 510,900,000 511,100,000                              
Long-term debt, principal repayment                                                                                                                 123,800,000 93,700,000         600,300,000 455,100,000                                  
Derivative liabilities                                                 0 (7,900,000) 0                                                                                                            
Debt Instrument, Unamortized Discount                                     1,300,000                                                                                             1,000,000                              
Unrealized gain (loss) on derivatives                                                                   (6,500,000) 7,300,000                                                                                            
Proceeds from issuance of long-term debt 0 2,195,400,000 0                                                                                         1,880,700,000                                                                  
Underwriting fees related to long-term debt                                                       14,700,000                                                                                                          
Discounts to long-term debt                                                       4,600,000                                                                                                          
Debt issuance costs, capitalized                                                         18,000,000                                               3,000,000                                     5,500,000                  
Business acquisition, pro forma adjustments                       39,200,000                                     13,000,000                                                                                                    
Number of tranches                                                                                                             1         1 1                                        
Long-term debt, quarterly installment payments, percentage of initial principal obligation                                                                                                         2.50%                                                        
Long-term debt, lump sum payment due following installments, percent of principal obligation                                                                                                         62.50%                                                        
Repayments of long-term debt                                                                                                               26,000,000                                                  
Line of credit facility, maximum borrowing capacity                                                                                                                                             300,000,000   550,000,000 150,000,000 150,000,000   400,000,000 100,000,000 950,000,000    
Line of credit facility, term of facility                                                                                                                                             4 years     1 year   4 years          
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net $ (7,700,000) $ (32,400,000) $ (3,900,000)                                                                                                                                                         $ (5,400,000) $ 8,000,000
[1] On June 15, 2007, MCBC issued in a public offering $575 million of 2.5% Convertible Senior Notes (the "Notes") payable semi-annually in arrears. The Notes were senior unsecured obligations and ranked equal in rights of payment with all of our other senior unsecured debt and senior to all of our future subordinated debt. The Notes were guaranteed by MCBC and certain of our U.S. and Canadian subsidiaries. The Notes matured on July 30, 2013. The Notes contained certain customary anti-dilution and make-whole provisions to protect holders of the Notes as defined in the Indenture. As noted above, our $575 million convertible notes matured and were repaid on July 30, 2013, for their face value of $575 million. The required premium payment of $2.6 million, which was based on our weighted-average Class B common stock price exceeding the then-applicable conversion price on any of the 25 trading days following the maturity date, was paid in September 2013. This premium was hedged by call options that mitigated our exposure to increases in our stock price and resulted in proceeds of $2.6 million from these call options in September 2013, which fully offset the premium payment. The premium payment and call option proceeds were recorded in the stockholders' equity section of the consolidated balance sheets upon settlement in 2013. Separately, the warrants entered into concurrent with these call options, pursuant to which we would have been required to issue Class B common stock to the counterparty in the event our stock price reached $66.13 per share, began expiring in December 2013 and the final warrants expired February 6, 2014, all of which were out-of-the-money. The original conversion price for each $1,000 aggregate principal amount of notes was $54.76 per share of our Class B common stock, which represented a 25% premium above the stock price on the day of issuance of the notes and corresponded to the initial conversion ratio of 18.263 shares per each $1,000 aggregate principal amount of notes. The conversion ratio and conversion price were subject to adjustments for certain events and provisions, as defined in the indenture, including adjustments reflected for exceeding defined thresholds related to our dividend payments. At the maturity date our conversion price and ratio were $51.8284 and 19.2944 shares, respectively. We initially accounted for the Notes pursuant to guidance pertaining to convertible bonds with issuer option to settle for cash upon conversion, that is, we did not separate and assign values to the conversion feature of the Notes but rather accounted for the entire agreement as one debt instrument as the conversion feature met the requirements of guidance pertaining to accounting for derivative financial instruments indexed to, and potentially settled in, a company's own stock.During the fiscal years 2013, 2012 and 2011, we incurred additional non-cash interest expense of $10.8 million, $18.1 million and $17.5 million, respectively. The additional non-cash interest expense impact (net of tax) to net income per basic share was a decrease of $0.04, $0.06 and $0.06 for the fiscal years 2013, 2012 and 2011, respectively. We also incurred interest expense related to the 2.5% coupon rate of $8.4 million, $14.4 million and $14.6 million for the fiscal years 2013, 2012 and 2011, respectively. The combination of non-cash and cash interest resulted in an effective interest rate of 5.73%, 5.75% and 5.90% for the fiscal years 2013 (through settlement), 2012 and 2011, respectively. As of December 31, 2013, there was no unamortized debt discount outstanding as we recorded the remaining discount amortization upon maturity in the third quarter of 2013. As of December 29, 2012, $10.8 million of the unamortized debt discount related to our $575 million convertible debt. Convertible Note Hedge and Warrants:In connection with the issuance of the Notes, we entered into a privately negotiated convertible note hedge transaction. The convertible note hedge (the "purchased call options") covered up to approximately 10.8 million shares of our Class B common stock. The purchased call options, if exercised by us, required the counterparty to deliver to us shares of Class B common stock adequate to meet our net share settlement obligations under the Notes and were expected to reduce the potential dilution to our Class B common stock to be issued upon conversion of the Notes, if any. Separately and concurrently, we also entered into warrant transactions with respect to our Class B common stock pursuant to which we were required to issue to the counterparty up to approximately 10.8 million shares of our Class B common stock. The warrant price is $67.82 which represents a 60% premium above the stock price on the date of the warrant transaction. These warrants began expiring in December 2013 and the final warrants expired February 6, 2014, during which time none of the warrants were exercised.At issuance, we used a portion of the net proceeds from the issuance of the Notes to pay for the cost of the purchased call options, which was partially offset by the proceeds received from the warrant transaction, resulting in a net use of proceeds of approximately $50 million. The net cost of these transactions, net of tax, was recorded in the stockholders' equity section of the consolidated balance sheets.
[2] On June 15, 2012, we issued a €500 million Zero Coupon Senior Unsecured Convertible Note due December 31, 2013 (the ''Convertible Note'') to the Seller in conjunction with the closing of the Acquisition. The Seller had the ability to exercise a put right with respect to the Convertible Note as of March 14, 2013, (the “First Redemption Date”) and ending on December 19, 2013, for the greater of the principal amount of the Convertible Note or the aggregate cash value of 12,894,044 shares of our Class B Common Stock, as adjusted for certain corporate events. In accordance with these terms, on August 13, 2013, the Seller exercised the conversion feature for an agreed upon value upon exercise of €510.9 million, consisting of €500 million in principal and €10.9 million for the conversion feature. At issuance, the total value of the Convertible Note was €511.1 million, consisting of the principal (€500 million), discount (€1.0 million), and conversion feature (€12.1 million), initially recorded as a component of the purchase price associated with the Acquisition.On September 3, 2013, we paid the seller in cash a total of €466.0 million ($614.7 million) consisting of €455.1 million ($600.3 million) in principal and €10.9 million ($14.4 million) for the conversion feature. Separate from the Seller's notice to put, we have made claims with regard to the representations and warranties provided to us upon close of the Acquisition. As a result, we withheld €44.9 million ($61.8 million as of December 31, 2013) from the €500 million in principal related to these outstanding claims. The remaining balance as of December 31, 2013, continues to be classified as current portion of long-term debt pending the resolution of the unsettled claims. In January 2014, we settled one of the claims resulting in a payment to the Seller of €34.0 million ($46.3 million at settlement). We have not incurred, and do not expect to incur, any interest on the remaining amounts withheld. The Convertible Note's embedded conversion feature was determined to meet the definition of a derivative required to be bifurcated and separately accounted for at fair value with changes in fair value recorded in earnings. During the fiscal year 2013 and 2012, we recognized a net loss of $6.5 million and a net gain of $7.3 million, respectively, on the conversion feature primarily related to the change from the previously recorded fair value to the value upon exercise. The Convertible Note was issued at a discount of $1.3 million, which has been recognized as interest expense over the period from issuance to the First Redemption Date. The non-cash interest, excluding the change in fair value of the convertible feature, resulted in an immaterial impact to our effective interest rate for the fiscal year 2013 and 2012. See Note 17, "Derivative Instruments and Hedging Activities" for further discussion.
[3] During the third quarter of 2005, Molson Coors Capital Finance ULC completed a CAD 900 million private placement in Canada due September 22, 2015. Additionally, during the fourth quarter 2010, Molson Coors International LP completed a CAD 500 million private placement in Canada due October 6, 2017. Prior to issuing the bonds, we entered into forward starting interest rate transactions for a portion of each Canadian offering. The bond forward transactions effectively established, in advance, the yield of the government of Canada bond rate over which the Company's private placement was priced. At the time of the private placement offerings and pricings, the government of Canada bond rates were trading at a yield lower than that locked in with the Company's interest rate locks. This resulted in a loss on the bond forward transactions of $4.0 million related to the CAD 900 million bonds, and $7.8 million on the CAD 500 million bonds. Per authoritative accounting guidance pertaining to derivatives and hedging, the losses are being amortized over the life of each respective Canadian issued private placement and will serve to increase our effective cost of borrowing compared to the stated coupon rates by 0.05% and 0.23% on the CAD 900 million and CAD 500 million bonds, respectively.
[4] On May 3, 2012, we issued $1.9 billion of senior notes with portions maturing in 2017, 2022 and 2042. The 2017 senior notes were issued in an initial aggregate principal amount of $300 million at 2.0% interest and will mature on May 1, 2017. The 2022 senior notes were issued in an initial aggregate principal amount of $500 million at 3.5% interest and will mature on May 1, 2022. The 2042 senior notes were issued in an initial aggregate principal amount of $1.1 billion at 5.0% interest and will mature on May 1, 2042. The issuance resulted in total proceeds to us, before expenses, of $1,880.7 million, net of underwriting fees and discounts of $14.7 million and $4.6 million, respectively. Total debt issuance costs capitalized in connection with these senior notes, including the underwriting fees and discounts, are approximately $18.0 million and will be amortized over the life of the notes. The issuance adds a number of guarantors to these debt securities as well as to our existing senior obligations, pursuant to requirements of our existing senior debt obligation agreements. These new guarantors consist principally of the U.K. operating entity. See Note 20, "Supplemental Guarantor Information" for further discussion and guarantor financial information reflective of this change.Concurrent with the announcement of the Acquisition, we entered into a bridge loan agreement, which we terminated upon the issuance of the $1.9 billion senior notes. In connection with the issuance and subsequent termination of the bridge loan, we incurred costs of $13.0 million recorded in other expense in the second quarter of 2012. See Note 6, "Other Income and Expense" for further discussion.Our risk management policy prohibits speculating on specific events, including the direction of interest rates. In advance of our issuance of the $1.9 billion senior notes, we systematically removed a portion of our interest rate market risk by entering into Treasury Locks. This resulted in an increase in the certainty of our yield to maturity when issuing the notes. In the second quarter of 2012, we recognized a cash loss of $39.2 million on settlement of the Treasury Locks recorded in interest expense. See Note 17, "Derivative Instruments and Hedging Activities" for further discussion.
[5] On April 3, 2012, we entered into a term loan agreement (the ''Term Loan Agreement'') that provides for a 4-year term loan facility of $300 million, composed of one $150 million borrowing and one Euro-denominated borrowing equal to $150 million at issuance (or €120 million borrowing) both of which were funded upon close of the Acquisition on June 15, 2012. The Term Loan Agreement required quarterly principal repayments equal to 2.5% of the initial principal obligation, which commenced on September 30, 2012, with the remaining 62.5% principal balance due at the June 15, 2016 maturity date. The obligations under the Term Loan Agreement were our general unsecured obligations. The Term Loan Agreement contained customary events of default, specified representations and warranties and covenants, including, among other things, covenants that limited our and our subsidiaries' ability to incur certain additional priority indebtedness, create or permit liens on assets or engage in mergers or consolidations. Debt issuance costs capitalized in connection with the Term Loan Agreement were amortized over the life of the debt and totaled approximately $3 million.During 2012, we repaid the $150 million borrowing and made principal repayments of €26.0 million on the €120 million borrowing. During the third quarter of 2012, we designated the €120 million term loan as a net investment hedge of our Central European operations. During 2013, we made principal repayments of $123.8 million (€93.7 million) on the remaining balance of our €120 million term loan. As a result, the term loan was fully repaid in the third quarter of 2013. See Note 17, "Derivative Instruments and Hedging Activities" for further discussion.
[6] On April 3, 2012, we entered into a revolving credit agreement (the ''Credit Agreement''). The Credit Agreement provides for a 4-year revolving credit facility of $300 million that was subsequently amended to increase the borrowing limit to $550 million. The Credit Agreement contains customary events of default and specified representations and warranties and covenants, including, among other things, covenants that limit our subsidiaries' ability to incur certain additional priority indebtedness, create or permit liens on assets, or engage in mergers or consolidations. In relation to the credit facilities issued during 2012, we incurred $5.5 million of total issuance costs and up-front fees, which are being amortized over the terms of each respective facility. In the second quarter of 2011, we entered into an agreement for a 4-year revolving multicurrency credit facility of $400 million, which provides a $100 million sub-facility available for the issuance of letters of credit.There were no outstanding borrowings on these credit facilities as of December 31, 2013. These credit facilities support our commercial paper program discussed below.
[7] According to our agreement with the Seller and in accordance with the terms of the senior debt facility agreement, upon the closing of the Acquisition, we immediately repaid pre-existing StarBev third-party debt including accrued interest.
[8] We issued a €500 million Zero Coupon Senior Unsecured Convertible Note due 2013 to the Seller upon close of the Acquisition. See Note 13, "Debt" for further discussion.