Anheuser-Busch launches cash tender offer for three series of notes

By Taylor Fox

New York, Sept. 8 – Anheuser-Busch InBev SA/NV launched an invitation to holders of its outstanding €1.5 billion floating-rate notes due 2024 (ISIN: BE6301509012), €750 million 2.875% notes due 2024 (ISIN: BE6243179650) and €2.5 billion 1.5% notes due 2025 (ISIN: BE6285454482) to tender any and all notes for purchase for cash, according to a news release.

The hypothetical purchase price for the floating-rate notes is €1,007.50 per €1,000 of notes.

Pricing for the 2.875% notes will be set using the September 2024 interpolated swap rate plus 20 basis points, for a hypothetical tender consideration of €1,125.91 per €1,000 of notes.

Pricing for the 1.5% notes will be set using the March 2025 interpolated swap rate plus 22 bps, for a hypothetical tender consideration of €1,077 per €1,000 of notes.

Holders will also receive accrued interest.

The offer will expire at 5 p.m. ET Sept. 14.

The offers are being made in order to reduce Anheuser-Busch’s gross debt.

Barclays Bank plc (212 528-7581, 800 438-3242, +44 20 3134-8515; us.lm@barclays.com), BofA Securities (704 560-7937, +44 20 7996-5420; debt_advisory@bofa.com), Deutsche Bank Securities Inc. (212 250-2955, 866 627-0391), J.P. Morgan Securities plc (+44 20 7134-2468; liability_management_EMEA@jpmorgan.com) and Santander Investment Securities Inc. (212 940-1442, 855 404-3636, +44 20 7756-6909) are the dealer managers.

The tender agent is Lucid Issuer Services Ltd. (+ 44 20 7704 0880; ab-inbev@lucid-is.com).

The beer brewer is based in Leuven, Belgium.

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