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AUSTRALIA: Foster's completes refinancing

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Foster's Group has successfully priced a US dollar denominated note issue, marking the third and final stage of its refinancing of the A$2.7bn bridge facility to fund its acquisition of Southcorp.

The notes were issued in two tranches: US$700m of 10-year notes with a coupon of 5.125%; and US$300m of 30-year notes with a coupon of 5.875%. They were issued by the group's wholly owned subsidiary, FBG Finance Limited, and are fully and unconditionally guaranteed.

"Foster's is very pleased to have completed the permanent refinancing of the acquisition of Southcorp within three weeks of closing the takeover offer on 3 June," said Foster's Group chief financial officer, Pete Scott.

"We have effectively 100% debt financed the transaction as planned and structured the refinancing to spread the maturities over one to 30 years and achieved the foreign currency mix required to match the cash flows acquired. We are now focused entirely on integration."


Sectors: Beer & cider

Companies: Foster’s Group Ltd

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