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Anheuser-Busch InBev starts $2.5 billion tender for three note series
By Susanna Moon
Chicago, Nov. 13 – Anheuser-Busch InBev SA/NV said its wholly owned subsidiary Anheuser-Busch InBev Finance Inc. is offering to pay up to $2.5 billion in a tender for three series of notes.
The tender offers will remain open until 11:59 p.m. ET on Dec. 11.
The notes covered by the capped tender are as follows, listed in order of priority acceptance levels, with pricing to be set using a reference security plus a fixed spread for a total purchase price per $1,000 principal amount:
• $7.5 billion 2.65% notes due 2021 with pricing based on the 2.875% U.S. Treasury note due Nov. 15, 2021 plus 40 basis points for a total hypothetical purchase price of $984.32;
• $1.25 billion 2.625% notes due 2023 with pricing based on the 2.875% U.S. Treasury note due Oct. 31, 2023 plus 87.5 bps for a total hypothetical purchase price of $950.96; and
• $6 billion 3.3% notes due 2023 with pricing based on the 2.875% U.S. Treasury note due Oct. 31, 2023 plus 87.5 bps for a total hypothetical purchase price of $976.28.
The total amount will include an early tender premium of $30 per $1,000 principal amount of notes tendered by the early deadline of 5 p.m. ET on Nov. 27.
The hypothetical pricing was set using the yield of the U.S. Treasury reference security as of 11 a.m. ET on Nov. 9 assuming an early settlement date of Nov. 29.
Tenders may be withdrawn before the early deadline.
The purchase of any series of notes is not conditioned upon that of any other series in the offers, according to a company announcement.
BofA Merrill Lynch (980 387-3907 or 888 292-0070) and Deutsche Bank Securities (212 250-2955 or 866 627-0391) are the dealer managers. The information agent is Global Bondholder Services Corp. (866 470-3900, 212 430-3774 or gbsc-usa.com/Anheuser-Busch/).
The brewery is based in Leuven, Belgium.
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