Singapore's Asia Pacific Breweries sells S$100 million floaters due 2017

By Susanna Moon

Chicago, Feb. 23 - Asia Pacific Breweries Ltd. said it issued S$100 million of floating-rate notes due Feb. 23, 2017 under its S$1 billion multicurrency medium-term note program.

The interest rate will be six-month Singapore dollar swap offer rate plus an undisclosed spread.

The notes were issued at par of S$250,000.

Proceeds will be used to repay some short-term bank loans used to acquire the company's interest in PT Multi Bintang Indonesia Tbk. and Grande Brasserie de Nouvelle Caledonie SA as well as acquiring the Bintang brand. The company announced the completion of these acquisitions on Feb. 10.

Morgan Stanley Asia (Singapore) Pte. is the dealer.

The offering is the third series under the company's program established on April 9, 2009. Asia Pacific issued the first series, of S$100 million of 3.55% notes due Oct. 1, 2014 under the program on Oct. 1, 2009 and the second issue, of S$40 million of 4% series 2 notes due Jan. 7, 2022 on Jan. 7.

The series 3 notes are unlisted.

Asia Pacific Breweries has breweries in Singapore, Malaysia, Thailand, Vietnam, Cambodia, China, New Zealand, Papua New Guinea, India and Sri Lanka.

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