Sullivan & Cromwell opens the taps on Anheuser-Busch InBev's $46bn bond sale
US firm has been mandated to advise on brewing behemoth on its bond sale as Allen & Overy advises bookrunners
January 15, 2016 at 05:58 AM
2 minute read
Sullivan & Cromwell has advised Anheuser-Busch InBev on the sale of $46bn (£32bn) of bonds to fund its takeover of rival SABMiller.
The move sees the drinks company, which owns brands including Budweiser and Stella Artois, increase its original $25bn (£17.4bn) offering as heavy demand has seen over $100bn (£69.7bn) worth of investor orders. The sale is reported to be the second biggest ever corporate issue of bonds.
Sullivan & Cromwell's trans-Atlantic team is being led by London partner George White and New York partner Francis Aquila who are advising on the corporate finance aspects of the deal.
Head of the firm's tax group Ronald Creamer is providing tax advice on the sale which is expected to close by the end of January 2016.
Bank of America Merrill Lynch, Barclays and Deutsche Bank are acting as underwriters on the debt sale.
Allen & Overy advised the bookrunners on the issuance with a team led by London-based US corporate finance partner Adam Kupitz.
Capital raised from the sale is expected to help fund the company's proposed $275bn (£177bn) takeover of beverage giant SABMiller.
Freshfields Bruckhaus Deringer is advising AB InBev on the deal, while Linklaters is advising SAB Miller alongside Hogan Lovells.
BevCo Ltd, the second largest shareholder in SAB, has turned to Herbert Smith Freehills as legal counsel on the deal.
A successful tie-up would rank as one of the largest corporate deals in history. Other recent mega-deals include Shell's £47bn acquisition of BG Group last year and Vodafone's $130bn (£84bn) sale of its 45% stake in US mobile operator Verizon Wireless in 2013.
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