SABMiller gets consents to amend 6.625% guaranteed notes due 2033

By Marisa Wong

Madison, Wis., Sept. 10 - SABMiller plc said it received the necessary consent to amend its $300 million 6.625% guaranteed notes due Aug. 15, 2033.

The company sought consent to certain amendments and waivers relating to the fiscal and paying agency agreement between the company, U.S. guarantor MillerCoors LLC and fiscal agent Bank of New York Mellon, as previously announced on Aug. 20.

SABMiller said that valid consents were delivered and not revoked for a majority of the outstanding principal amount of the notes, thereby approving the proposed amendments and waivers.

The company, the U.S. guarantor and the fiscal agent entered into a supplemental fiscal and paying agency agreement on Sept. 10, giving effect to the amendments and waivers.

The supplemental agreement amended the previous agreement, the terms and conditions of the notes and the guarantee given by the U.S. guarantor to reflect the approved consents, to include:

• Releasing the U.S. guarantor from its guarantee of payment of principal of and interest on the notes;

• Amending both the cross acceleration threshold for present and future indebtedness, currently $20 million, and the threshold for events of defaults relating to a distress, attachment, execution or other legal process on the company's property, currently $50 million, to $125 million; and

• Consenting to certain other procedural amendments.

SABMiller is a brewing company based in London.

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