Published on 4/2/2020 in the Prospect News Investment Grade Daily.
New Issue: Anheuser-Busch InBev prices $6 billion of notes in four tranches
By Marisa Wong
Los Angeles, April 2 – Anheuser-Busch InBev Worldwide Inc. priced a $6 billion four-tranche offering of fixed-rate notes (Baa1/A-) on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The company sold $1.75 billion of 3.5% 10-year notes at a spread of Treasuries plus 290 basis points. These notes priced at 99.79 to yield 3.524%.
A $1 billion offering of 4.35% 20-year notes was placed at a Treasuries plus 305 bps spread. These notes priced at 99.937 to yield 4.354%.
The company sold $2.25 billion of 4.5% 30-year notes with a spread of 320 bps over Treasuries. These notes priced at 99.924 to yield 4.504%.
Finally, a $1 billion tranche of 4.6% 40-year notes priced at a Treasuries plus 330 bps spread. These notes priced at 99.916 to yield 4.604%.
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.
BofA Securities, Inc., Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the joint bookrunners and global coordinators.
Proceeds will be used for general corporate purposes.
The beer brewer is based in Leuven, Belgium.
| 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: | $6 billion
|
| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC (global coordinators); ING Financial Markets LLC, Mizuho Securities USA LLC, NatWest Markets Securities Inc. and SG Americas Securities, LLC
|
| Managers: | Banca IMI SpA and Commerz Markets LLC (senior co-managers)
|
| Pricing date: | April 1
|
| Settlement date: | April 3
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Distribution: | SEC registered
|
|
|
| 2030 notes
|
| Amount: | $1.75 billion
|
| Maturity: | June 1, 2030
|
| Coupon: | 3.5%
|
| Price: | 99.79
|
| Yield: | 3.524%
|
| Spread: | Treasuries plus 290 bps
|
| Call: | Make-whole call at Treasuries plus 45 bps until March 1, 2030, then a par call
|
|
|
| 2040 notes
|
| Amount: | $1 billion
|
| Maturity: | June 1, 2040
|
| Coupon: | 4.35%
|
| Price: | 99.937
|
| Yield: | 4.354%
|
| Spread: | Treasuries plus 305 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Dec. 1, 2039, then a par call
|
|
|
| 2050 notes
|
| Amount: | $2.25 billion
|
| Maturity: | June 1, 2050
|
| Coupon: | 4.5%
|
| Price: | 99.924
|
| Yield: | 4.504%
|
| Spread: | Treasuries plus 320 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Dec. 1, 2049, then a par call
|
|
|
| 2060 notes
|
| Amount: | $1 billion
|
| Maturity: | June 1, 2060
|
| Coupon: | 4.6%
|
| Price: | 99.916
|
| Yield: | 4.604%
|
| Spread: | Treasuries plus 330 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Dec. 1, 2059, then a par call
|
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