AUSTRALIA: Foster's equity and exchangeable bond raisings fully subscribed

By Company Press Release | 30 August 2000

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

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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

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