UK: SABMiller prices seven-year Euro bond issue
SABMiller will use the proceeds to repay part of the debt from its Foster's acquisition
The issue consists of EUR1bn (US$1.3bn) 1.875% notes, due in January 2020, SABMiller said today (30 November). The issuance, through subsidiary SABMiller Holdings, is under the company's US$3bn Guaranteed Euro Medium Term Note Programme.
SABMiller said proceeds will be used to "repay in part its bank borrowings incurred to finance the acquisition of Foster's Group Limited (for US$11.75bn) in December 2011".
"We are delighted with the positive response we have received from investors to our first issue in the Euro market for three years, which was very competitively priced,” said SABMiller CFO, Jamie Wilson.
“We believe this reflects the continuing strengths of SABMiller's business and brands.”
In January, SABMiller said it was selling US$7bn-worth of debt in order to help fund the Foster's acquisition.
The issue is scheduled to close on Thursday (6 December), subject to customary conditions, the company said.
To read the company's official statement, click here.
This month, Tom Vierhile from Datamonitor considers the recent swathe of NPD in the shandy - or radler - sub-category....
- Is Diageo on the Brink of a Brain Drain?
- SABMiller edges Diageo as beer trumps spirits
- Comment - Heineken's move for Pivovarna Lasko
- Will Keurig Kold come to Coca-Cola Co's Rescue?
- Focus - SABMiller's FY Sales Performance by Region
- Rémy Cointreau eyes recovery after Q4 bounceback
- Carlsberg exec joins Diageo as Africa chief steps
- Bacardi cuts jobs at Global Brands unit
- Diageo targets Millennials with DeLeon ads
- Belvedere unveils executive team