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NETHERLANDS: Heineken swaps Asia Pacific Breweries loan for US note issuance

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Heineken has lined up four tranches of notes totalling US$3.25bn, which will be used to fund its takeover of Asia Pacific Breweries (APB).

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The company, which gained clearance from JV partner Fraser & Neave to buy its stake in APB last week, said earlier today that the US notes will allow it to cancel its EUR2.5bn (US$3.23bn) bridge loan “in its entirety”. The loan had been lined up to fund the APB buy.

The new issue comprises:

  • $500m of three-year notes at a coupon of 0.80%,
  • $1.25bn of five-year notes at a coupon of 1.40%,
  • $1bn of 10.5-year notes at a coupon of 2.75%, and
  • $500m of 30-year notes at a coupon of 4.00%.

Heineken expects its purchase of F&N's holding in APB, for around US$4.57bn, to complete next month.


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