Anheuser-Busch holds capped tender offer for dollar, euro notes

By Wendy Van Sickle

Columbus, Ohio, April 1 – Anheuser-Busch InBev SA/NV and its wholly owned subsidiaries Anheuser-Busch InBev Worldwide Inc. and Anheuser-Busch Cos., LLC are conducting cash tender offers for up to a $2 billion purchase price for two series of dollar-denomated notes and three series of euro-denominated notes, according to a news release.

The notes covered under the offer, listed in order of acceptance priority, include

• $2,254,500,000 of outstanding 3.65% notes due Feb. 1, 2026 issued by Anheuser-Busch InBev Worldwide and Anheuser-Busch Cos. (ISINs: US03522AAG58, US03522AAD28, USU00323AD40) with pricing to be based on the 4.625% Treasury note due Feb. 28, 2026 plus a fixed spread of 15 basis points;

• €1 billion of outstanding 2.7% notes due March 31, 2026 issued by Anheuser-Busch InBev (ISIN: BE6265142099) with pricing to be based on mid-swaps minus 7 bps;

• €1 billion of outstanding 2.125% notes due Dec. 2, 2027 issued by Anheuser-Busch InBev (ISIN: BE6320934266) with pricing to be based on mid-swaps plus 5 bps;

• $2.5 billion of outstanding 4% notes due April 13, 2028 issued by Anheuser-Busch InBev Worldwide (ISIN: US035240AL4) with pricing to be based on the 4.25% Treasury note due Feb. 28, 2029 plus a fixed spread of 30 bps; and

• €3 billion of outstanding 2% notes due March 17, 2028 issued by Anheuser-Busch InBev (ISIN: BE6285455497) with pricing to be based on mid-swaps plus 15 bps.

In each case, the consideration per $1,000 or €1,000 principal amount will include an early tender payment of $30 or €30, as applicable, for notes that are tendered by the early tender time.

Holders will also receive accrued interest through the settlement date.

Subject to a financing condition, if the offer cap is exceeded by the early deadline, the issuers intend to increase the amount by some or all of the excess but not by more than $500 million in total.

The early tender time is 5 p.m. ET on April 2, which is also the withdrawal deadline.

The offer will expire at 5 p.m. ET on April 17. It opened on March 19.

BofA Securities (980 387-3907, 888 292-0070, +33 1 877 01057 or debt_advisory@bofa.com), Deutsche Bank AG (+44 20 7545 8011), Deutsche Bank Securities (866 627-0391 or 212 250-2955), J.P. Morgan SE (+44 20 7134 2468 or Liability_Management_EMEA@jpmorgan.com), J.P. Morgan Securities LLC (212 834-4045 or 866 834-4666), Mizuho Securities Europe GmbH (+34 91 790 7559, 866 271-7403 or liabilitymanagement@uk.mizuho-sc.com), Mizuho Securities USA LLC (212 205-7736 or 866 271-7403) and SMBC Bank EU AG (+49 692 2229 8481 or liability.management@smbcnikko-cm.com) are the dealer managers.

Global Bondholder Services Corp. (855 654-2014 or 212-430-3774) is the tender and information agent.

The beer brewer is based in Leuven, Belgium.

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