Asia Pacific Breweries has issued SGD40m of notes, as part of its plan to pay off loans used to acquire controlling stakes in two Heineken businesses.

Asia Pacific Breweries (APB) said yesterday (3 March) that it has issued SGD40m (US$28.6m) in fixed rate notes, within its SGD1bn multicurrency, medium-term note programme launched in April last year.

It said that net proceeds will be used to help pay down short-term loans related to the brewer's acquisition of Heineken's controlling stakes in Multi Bintang of Indonesia and Grand Brasseries de Nouvelle Caledonie.

APB, brewer of Tiger beer, is jointly owned by Heineken and Fraser & Neave.

After Heineken secured a 37.5% stake in India's United Breweries late last year, it agreed to acquire all of APB's India assets, including APB Aurangabad and APB Pearl, for EUR25m (US$37m).

In return, APB agreed to acquire Heineken's 68.5% interest in Indonesian-based Multi Bintang Indonesia and Heineken's 87.3% interest in Grande Brasserie de Nouvelle Caledonie in New Caledonia for undisclosed fees.

For more on the deal, click here.