CORONA, Calif., May 29, 2024 (GLOBE NEWSWIRE) -- Monster Beverage Corporation ("Monster") (NASDAQ:MNST) today announced that it is amending its previously announced modified "Dutch auction" tender offer to purchase shares of its common stock for cash at a price per share of not less than $53.00 and not greater than $60.00, for a maximum aggregate purchase price of up to $3.0 billion. The tender offer commenced on May 8, 2024, and will expire at 11:59 p.m., New York City time, on June 5, 2024, unless extended or earlier terminated by Monster. On May 22, 2024, Monster and certain of its subsidiaries entered into a new credit agreement providing for a new $750 million three-year delayed draw senior term loan A facility (the "Term Loan") and a new $750.0 million five-year senior revolving credit facility (the "RCF"). The tender offer was originally conditioned on entry into the credit agreement and at least $1.0 billion in the aggregate being funded under the Term Loan and the RCF at least five business days prior to the expiration of the tender offer (the "Financing Condition"). Monster intends to borrow an aggregate of $750.0 million under the credit agreement, and expects to use $2.25 billion in cash on hand, to consummate the tender offer. Because Monster expects to use less than $1.0 billion in debt financing to consummate the tender offer, Monster waives the Financing Condition and the tender offer is no longer subject to the Financing Condition. Sterling Trustees LLC, which controls trusts and entities for the benefit of certain family members of Monster's co-CEOs Messrs. Sacks and Schlosberg, has advised Monster that it currently intends to tender up to an aggregate of 10,000,000 shares on behalf of such trusts and entities, as purchase price tenders, subject to market conditions. Hilton Schlosberg, one of Monster's co-CEOs and a member of the Board of Directors, has advised Monster that he currently intends to tender up to 350,000 shares that he beneficially owns, as purchase price tenders, subject to market conditions. Rodney Sacks, Monster's other co-CEO and a member of the ...