By Cristal Cody
Tupelo, Miss., Jan. 10 – Anheuser-Busch InBev Worldwide Inc. priced a $15.5 billion six-tranche offering of fixed-rate notes (Baa1/A-) on the tight side of guidance on Thursday, according to a market source.
The company sold $2.5 billion of 4.15% six-year notes at a spread of Treasuries plus 160 basis points.
A $4.25 billion offering of 4.75% 10-year notes was placed at a Treasuries plus 205 bps spread.
The company sold $750 million of 4.9% 12-year notes with a spread of 220 bps over Treasuries.
A $2 billion tranche of 5.45% 20-year notes priced at a Treasuries plus 240 bps spread.
Anheuser-Busch sold $4 billion of 5.55% 30-year notes with a spread of 250 bps over Treasuries.
In the final tranche, $2 billion of 5.8% 40-year notes priced at a Treasuries plus 275 bps spread.
BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were the bookrunners.
The notes are guaranteed by Anheuser-Busch InBev SA/NV, Anheuser-Busch InBev Finance Inc., Brandbev Sarl, Brandbrew SA, Cobrew NV and Anheuser-Busch Cos., LLC.
Proceeds will be used for general corporate purposes, including the repayment of debt maturities in 2021 through 2024 and 2026.
Anheuser-Busch InBev Worldwide is a subsidiary of Leuven, Belgium-based beer brewer Anheuser-Busch InBev NV/SA.
| Issuer: | Anheuser-Busch InBev Worldwide Inc.
|
| Guarantors: | Anheuser-Busch InBev SA/NV, Anheuser-Busch InBev Finance Inc., Brandbev Sarl, Brandbrew SA, Cobrew NV and Anheuser-Busch Cos., LLC
|
| Amount: | $15.5 billion
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| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC
|
| Trade date: | Jan. 10
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Distribution: | SEC registered
|
|
|
| Six-year notes
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| Amount: | $2.5 billion
|
| Maturity: | Jan. 23, 2025
|
| Coupon: | 4.15%
|
| Spread: | Treasuries plus 160 bps spread
|
| Price guidance: | Treasuries plus 165 bps area, plus or minus 5 bps; initial talk at Treasuries plus 195 bps area
|
|
|
| 10-year notes
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| Amount: | $4.25 billion
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| Maturity: | Jan. 23, 2029
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| Coupon: | 4.75%
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| Spread: | Treasuries plus 205 bps
|
| Price guidance: | Treasuries plus 210 bps area, plus or minus 5 bps; initial talk at Treasuries plus 220 bps area
|
|
|
| 12-year notes
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| Amount: | $750 million
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| Maturity: | Jan. 23, 2031
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| Coupon: | 4.9%
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| Spread: | Treasuries plus 220 bps
|
| Price guidance: | Treasuries plus 225 bps area, plus or minus 5 bps; initial talk at Treasuries plus 235 bps area
|
|
|
| 20-year notes
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| Amount: | $2 billion
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| Maturity: | Jan. 23, 2039
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| Coupon: | 5.45%
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| Spread: | Treasuries plus 240 bps
|
| Price guidance: | Treasuries plus 245 bps area, plus or minus 5 bps; initial talk at Treasuries plus 255 bps area
|
|
|
| 30-year notes
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| Amount: | $4 billion
|
| Maturity: | Jan. 23, 2049
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| Coupon: | 5.55%
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| Spread: | Treasuries plus 250 bps
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| Price guidance: | Treasuries plus 255 bps area, plus or minus 5 bps; initial talk at Treasuries plus 265 bps area
|
|
|
| 40-year notes
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| Amount: | $2 billion
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| Maturity: | Jan. 23, 2059
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| Coupon: | 5.8%
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| Spread: | Treasuries plus 275 bps
|
| Price guidance: | Treasuries plus 280 bps area, plus or minus 5 bps; initial talk at Treasuries plus 290 bps area
|
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