World’s largest brewer advised on billion-dollar transaction
Anheuser-Busch InBev has been advised on a medium term note program worth billions.
Firms: Ashurst (FBG Finance Pty Ltd; Anheuser-Busch InBev); Clifford Chance (Belgium and Luxembourg legal counsel to the issuer and guarantors); Sullivan & Cromwell (US legal counsel to the issuer and guarantors)
Deal: Anheuser-Busch InBev updated local subsidiary FBG Finance Pty Ltd’s existing $3 billion medium term note program and issued four tranches of notes in an aggregate principal amount of $1.95 billion.
Value: $1.95 billion
Area: Debt capital markets
Key players: The Ashurst team was led by partner Jamie Ng (pictured).
Deal significance: Anheuser-Busch InBev updated local subsidiary FBG Finance’s existing $3 billion medium term note program to add Anheuser-Busch InBev and Anheuser-Busch InBev Finance Inc. as issuers and add a new suite of guarantors, bringing it in line with Anheuser-Busch InBev's €40 billion medium term note program.
The guarantors are Anheuser-Busch InBev SA/NV, Anheuser-Busch InBev Finance Inc., Anheuser-Busch InBev Worldwide Inc., Brandbev S.à.r.l., Brandbrew S.A., Cobrew NV, and Anheuser-Busch Companies, LLC.
Noteholders of $700 million 3.75 per cent notes, issued in 2016 and due 7 August 2020, were given the benefit of these updates, with the 2016 terms and conditions, guarantee and note deed poll amended to effect the accession of all guarantors to the existing notes, according to a statement from Ashurst.
“This transaction was the first for Belgian multinational Anheuser-Busch InBev, the world’s largest brewer, in the Australian market,” Ashurst said in a statement.
“Considered to be one of 2017’s benchmark trades, the scale of this billion-dollar transaction demonstrates the Australian dollar market’s growing significance, and highlights the volume that it can allow global corporate issuers to achieve.”
The joint lead managers on the deal were Australia and New Zealand Banking Group Limited, Citigroup Global Markets Australia Pty Limited and Deutsche Bank AG, Sydney branch.
The deal was completed on 6 September.
Pictured: Ashurst partner Jamie Ng