Interbrew yesterday reported the successful completion of an US$850m private placement to refinance existing bank debt. The issue was placed with a group of 20 international insurance companies.

The original issue size had been US$250m but was increased to $850m due to investor demand in excess of US$1.3 billion. Interbrew's CFO, Francois Jaclot, said: "We are very pleased with the interest and confidence of so many long-term investors in Interbrew. This private placement will provide additional flexibility and allow the company to extend its debt maturity."

The Royal Bank of Scotland acted as sole agent for the private placement.