AUSTRALIA: Foster's equity and exchangeable bond raisings fully subscribed
Foster's Brewing Group (Foster's) today announced that it has successfully completed the equity and exchangeable bond raisings which are to fund the acquisition of Beringer Wine Estates. The strong level of demand has allowed the Company to raise the full A$1.4 billion in equity and equity-like capital within 24 hours of announcement of the acquisition, demonstrating widespread international support for the transaction.The A$500 million underwritten equity has been fully subscribed, and the Company has decided to allocate in full a further A$200 million, all at a price of A$4.00 per share. This represents a 9% discount to the closing share price on 28 August 2000. This equity has been placed to a wide range of institutional investors throughout Australia, Europe, North America and Asia. The new equity represents approximately 10% of the total number of shares on issue as at 28 August 2000.The US$400 million of guaranteed subordinated exchangeable bonds has also been fully subscribed. The coupon on the bonds has been set at 4.75%, with the conversion price of A$5.00 per share. The bonds have been placed to a range of institutional investors in Europe and elsewhere outside the United States.President and CEO of Foster's, Mr Ted Kunkel said: "I am delighted that the global capital markets have supported the strategic direction the Company has taken with the acquisition of Beringer Wine Estates".UBS Warburg acted as global co-ordinator and sole bookrunner on both the equity and exchangeable bond raisings.Trading in the Company's shares will resume this morning.For further informationMedia information: Graeme Willersdorf, +613 9633 2073, 0418 288 400Investor relations: Domenic Panaccio, +613 9633 2273
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-drinks gives you the widest beverage market coverage.
Paid just-drinks members have unlimited access to all our exclusive content - including 15 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Olly Wehring, editor of just-drinks
- American whiskey does a vodka - Analysis
- Battle continues for Pernod Ricard in US and China
- Pernod Ricard's FY Performance by Region, Brand
- Japan follows in Scotch whisky's footsteps
- Concha y Toro's H1 performance - Focus
- Diageo strengthens Charmer Sunbelt distribution
- Pernod Ricard "in line" after full-year results
- New whisky distillery set for Edinburgh
- Diageo launches glass Bulleit & Cola bottles
- Heineken integrates cider and beer
- Future growth opportunities for global spirits
- Global gin insights - market data, product innovation and consumer trends research
- Pernod Ricard SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investment Report
- Global rum insights - market forecasts, product innovation and consumer trends research
- Global Tequila insights - market forecasts, product innovation and consumer trends research