Only months after cutting its dividend, Anheuser-Busch InBev found itself under pressure in December from credit-rating agencies warning it was not paying down its $109bn debt mountain fast enough.
So the group swung into action, putting together a debt refinancing to pay off $16.5bn of bonds that come due over the next seven years with cash on hand and a new multibillion-dollar borrowing that matures much later.
Just as when AB InBev raised $46bn in 2016 in the midst of a market sell-off to fund the SABMiller deal, investors poured in to participate.
Bankers underwriting the $15.5bn borrowing counted orders of just under $40bn, according to three people with knowledge of the transaction.
Once again AB InBev was able to borrow more tha…
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