Diageo is looking to raise US$1.5bn through a series of bond issues, aimed at refinancing the company's expiring debt.

The bonds are being issued in three tranches: US$300m of long 5-year bonds, US$600m of 10-year, and US$600m of 30-year SEC registered securities.

The 5-year bond pays a coupon of 5.125% and is due in 2012; the 10-year bond pays a coupon of 5.5%, and is due in 2016, while the 30-year bond pays at 5.875% and is due in 2036.

Payment of principal and interest are fully guaranteed by Diageo.