BRAZIL: Ambev announces pricing of notes offering
AmBev International Finance has agreed a pricing of notes for issuance.
The wholly-owned subsidiary of AmBev, the South American arm of InBev said yesterday (17 July) that AmBev International plans to issue BRL300m (US$161.4m) denominated notes with a fixed interest of 9.5% per annum and maturity date of 24 July, 2017. The issuance is expected to close next Tuesday (24 July), subject to customary closing conditions.
The company said notes will be unsecured and unsubordinated obligations of AmBev International and will be fully and unconditionally guaranteed by AmBev. The guarantee will rank equally in right of payment with all of AmBev's other unsecured and unsubordinated debt obligations, the company said.
The proceeds of the offering will be used for the repayment of short-term debts and for general corporate purposes by AmBev and its subsidiaries.
The notes will be denominated in Brazilian Reais, but both principal and interest will be paid in US dollars at the prevailing exchange rate at the applicable payment date. The company has said that interest will be paid semi-annually in arrears, starting on 24 January.
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