Wrap Text
AB InBev Announces Early Results and Upsizing of Cash Tender Offers
Anheuser-Busch InBev SA/NV
(Incorporated in the Kingdom of Belgium)
Register of Companies Number: 0417.497.106
Euronext Brussels Share Code: ABI
Mexican Stock Exchange Share Code: ANB
NYSE ADS Code: BUD
JSE Share Code: ANH
ISIN: BE0974293251
("AB InBev" or the "Company")
AB InBev Announces Early Results and Upsizing of Cash Tender Offers for up to USD 2.5 Billion Aggregate Purchase Price of Three
Series of EUR Notes and Two Series of USD Notes
3 April 2024 – Anheuser-Busch InBev SA/NV ("AB InBev") (Euronext: ABI) (NYSE: BUD) (MEXBOL: ANB) (JSE:
ANH) today announced the early results of offers by AB InBev and its wholly-owned subsidiaries Anheuser-Busch
InBev Worldwide Inc. ("ABIWW") and Anheuser-Busch Companies, LLC ("ABC", and together with AB InBev and
ABIWW, the "Companies") to purchase for cash any validly tendered (and not validly withdrawn) and accepted
notes up to an aggregate purchase price (excluding accrued and unpaid interest) of $2.5 billion of (i) three series
of EUR notes issued by AB InBev (collectively, the "EUR Notes") and (ii) one series of USD notes issued by
ABIWW and ABC and one series of USD notes issued by ABIWW (collectively, the "USD Notes", and together
with the EUR Notes, the "Notes") as described in the table below (the "Tender Offers").
In addition, the Companies have exercised their previously disclosed discretion to increase the amount available
for the aggregate purchase price for Notes that may be purchased (excluding accrued and unpaid interest) in the
Tender Offers to $2.5 billion (such amount, the "Offer Cap").
As announced on 19 March 2024, the Companies will spend up to the Offer Cap, subject to the Acceptance Priority
Levels (as defined below), to purchase the outstanding Notes listed in the table below.
The Tender Offers have been made pursuant to the terms and conditions set forth in the offer to purchase dated
19 March 2024 (the "Offer to Purchase"). Except for the increase in the Offer Cap described in this press release,
the terms and conditions of the Tender Offers set forth in the Offer to Purchase remain unchanged. Terms not
defined in this announcement have the meanings given to them in the Offer to Purchase.
According to information provided by Global Bondholder Services Corporation, the Tender and Information Agent
for the Tender Offers, $1,815,524,000 aggregate principal amount of the USD Notes and €909,747,000 aggregate
principal amount of the EUR Notes were validly tendered prior to or at the Early Tender Time and not validly
withdrawn.
The following table indicates, among other things, the principal amount of Notes validly tendered as of the Early
Tender Time:
Notes Listed Below Up to the Offer Cap(a) of $2,500,000,000
ISIN / (if applicable)
Title of CUSIP Outstanding Principal Issuer and Acceptance Principal Amount Tendered
Notes (a)(c) Amount Maturity Date Offeror Priority Level (b) as of Early Tender Time
US03522AAG58/
03522AAG5
144A:
3.650% Notes US03522AAD28/ February 1, ABIWW and
$2,254,500,000(d) 1 $947,454,000
due 2026 03522AAD2 2026 ABC
Reg S:
USU00323AD40/
U00323AD4
2.700% Notes March 31, €384,840,000
BE6265142099 €1,000,000,000 AB InBev 2
due 2026 2026
2.125% Notes December 2, €212,102,000
BE6320934266 €1,000,000,000 AB InBev 3
due 2027 2027
4.000% Notes US035240AL43/
$2,500,000,000 April 13, 2028 ABIWW 4 $868,070,000
due 2028 035240AL4
2.000% Notes March 17, €312,805,000
BE6285455497 €3,000,000,000 AB InBev 5
due 2028 2028
(a) The offers with respect to the Notes are subject to an Offer Cap equal to an aggregate purchase price
(excluding accrued interest) of up to $2,500,000,000, subject to the terms and conditions described in the
Offer to Purchase.
(b) We will accept Notes in the order of their respective Acceptance Priority Level specified in the table above
(each, an "Acceptance Priority Level", with "1" being the highest Acceptance Priority Level and "5" being
the lowest Acceptance Priority Level), subject to the terms and conditions described in the Offer to Purchase.
(c) The EUR Notes are fully and unconditionally guaranteed by ABC, ABIWW, Anheuser-Busch InBev Finance
Inc., Brandbev S.à r.l., Brandbrew S.A. and Cobrew NV (the "Guarantors"). The USD Notes are fully and
unconditionally guaranteed by AB InBev and certain of its direct and indirect subsidiaries.
(d) The $2,254,500,000 aggregate outstanding principal amount of 3.650% Notes due 2026 issued by ABIWW
and ABC consists of (i) $2,155,703,000 outstanding principal amount of 3.650% Notes due 2026 issued by
ABIWW and ABC (US03522AAG58/03522AAG5) and (ii) $98,797,000 outstanding principal amount of
3.650% Notes due 2026 issued by ABIWW and ABC (144A: US03522AAD28/03522AAD2 & Reg S:
USU00323AD40/U00323AD4).
The pricing of the Total Consideration for each series of Notes is expected to occur at or about 9:00 a.m., New
York City time (2:00 p.m., London time), on Wednesday, 3 April 2024 (the "Price Determination Time"). The
Companies will announce, amongst other things, how many Notes of each series will be accepted for purchase,
according to the Acceptance Priority Levels and the Offer Cap, promptly following the Price Determination Time.
The Tender Offers are subject to the satisfaction of certain conditions, as set forth in the Offer to Purchase.
English, Dutch and French versions of this press release will be available on www.ab-inbev.com.
The Lead Dealer Managers for the Tender Offers (in respect of the Tender Offers as made to Relevant
Holders (as defined below) only) are:
BofA Securities Deutsche Bank Deutsche Bank J.P. Morgan SE J.P. Morgan
Aktiengesellschaft Securities Securities LLC
620 S Tryon Street,
20th Floor Mainzer Landstra?e 1 Columbus Circle Taunustor 1 383 Madison
Charlotte 11-17 New York, NY 10019 (TaunusTurm) Avenue
North Carolina 60329 Frankfurt am United States of 60310 Frankfurt am New York, NY 10179
28255 Main America Main United States of
United States of Germany Attn: Liability Germany America
America Tel: +44 20 7545 Management Group Attn: Liability Attn: Liability
8011 Toll free: (866) 627- Management Management Group
Attention: Liability 0391 Collect: +44 20 7134 Collect: (212) 834-
Management Group Collect: (212) 250- 2468 4045
Collect: (980) 387- 2955 Email: Toll-Free: (866) 834-
3907 Liability_Manageme 4666
Toll-Free: (888) nt_EMEA@jpmorga
292-0070
n.com
Email:
debt_advisory@bof
a.com
In Europe:
Telephone: +33 1
877 01057
Email: DG.LM-
EMEA@bofa.com
Mizuho Securities Europe GmbH Mizuho Securities USA LLC SMBC Bank EU AG
Taunustor 1 1271 Avenue of the Americas Neue Mainzer Str. 52-58
60310 Frankfurt am Main New York, New York 10020 60311 Frankfurt am Main
Germany Attention: Liability Management Germany
Attention: Liability Management Group
Telephone: +34 91 790 7559 Collect: +1 (212) 205-7736 Attn: Liability Management
Toll Free: +1 (866) 271-7403 Toll Free:+1 (866) 271-7403 Telephone: +49 69 2222 9 8481
Email: Email:
liabilitymanagement@uk.mizuho- liability.management@smbcnikko-
sc.com cm.com
The Tender and Information Agent for the Tender Offers is:
Global Bondholders Services Corporation
65 Broadway – Suite 404
New York, New York 10006
Attention: Corporate Actions
Bank and Brokers Call Collect: +1 (212) 430-3774
All Others Please Call Toll-Free: +1 (855) 654-2014
Fax: +1 (212) 430-3775 or +1 (212) 430-3779
E-mail: contact@gbsc-usa.com
Tender Offer Website: https://gbsc-usa.com/registration/abi
Non-U.S. Distribution Restrictions
Italy. None of the Tender Offers, this announcement, the Offer to Purchase or any other documents or materials
relating to the Tender Offers have been or will be submitted to the clearance procedure of the Commissione
Nazionale per le Società e la Borsa ("CONSOB") pursuant to applicable Italian laws and regulations. The Tender
Offers are being carried out in the Republic of Italy ("Italy") as exempted offers pursuant to article 101-bis,
paragraph 3-bis of the Legislative Decree No. 58 of 24 February 1998, as amended (the "Financial Services
Act") and article 35-bis, paragraph 4 of CONSOB Regulation No. 11971 of 14 May 1999, as amended. Holders or
beneficial owners of the Notes that are resident or located in Italy can tender their Notes for purchase through
authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such
activities in Italy in accordance with the Financial Services Act, CONSOB Regulation No. 20307 of 15 February
2018, as amended, and Legislative Decree No. 385 of 1 September 1993, as amended) and in compliance with
any other applicable laws and regulations and with any requirements imposed by CONSOB or any other Italian
authority. Each intermediary must comply with applicable laws and regulations concerning information duties vis-
à-vis its clients in connection with the Notes or the Offer to Purchase.
United Kingdom. The communication of this announcement, the Offer to Purchase and any other documents or
materials relating to the Tender Offers is not being made by and such documents and/or materials have not been
approved by an "authorised person" for the purposes of section 21 of the Financial Services and Markets Act
2000 (the "FSMA"). Accordingly, such documents and/or materials are not being distributed to, and must not be
passed on to, the general public in the United Kingdom. The communication of such documents and/or materials
is exempt from the restriction on financial promotions under section 21(1) of the FSMA on the basis that it is only
directed at and may only be communicated to: (1) persons who are outside of the United Kingdom; (2) investment
professionals falling within the definition contained in Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the "Order"); (3) those persons who are existing members or creditors of the
Companies or other persons falling within Article 43(2) of the Order; or (4) any other persons to whom such
documents and/or materials may lawfully be communicated in accordance with the Order (all such persons
together being referred to as "relevant persons"). This announcement, the Offer to Purchase and any other
documents or materials relating to the Tender Offers are only available to relevant persons. Any person who is
not a relevant person should not act or rely on this document or any of its contents.
France. The Tender Offers are not being made, directly or indirectly, in the Republic of France (other than to
qualified investors as described below). This announcement, the Offer to Purchase and any other document or
material relating to the Tender Offers have only been, and shall only be, distributed in the Republic of France to
qualified investors as defined in Article 2(e) of Regulation (EU) 2017/1129 (the "Prospectus Regulation"). None
of this announcement, the Offer to Purchase nor any other documents or materials relating to the Tender Offers
have been or will be submitted for clearance to the Autorité des marchés financiers.
Belgium. None of this announcement, the Offer to Purchase nor any other documents or materials relating to the
Tender Offers have been, or will be, submitted or notified to, or approved or recognized by, the Belgian Financial
Services and Markets Authority ("Autorité des services et marchés financiers"/"Autoriteit voor Financiële Diensten
en Markten"). The Tender Offers are not being made in Belgium by way of a public offering within the meaning of
Articles 3, §1, 1° and 6, §1 of the Belgian Law of 1 April 2007 on public takeover bids ("loi relative aux offres
publiques d'acquisition"/ "wet op de openbare overnamebiedingen"), as amended or replaced from time to time.
Accordingly, the Tender Offers may not be, and are not being, advertised and the Tender Offers will not be
extended and this announcement, the Offer to Purchase and any other documents or materials relating to the
Tender Offers (including any memorandum, information circular, brochure or any similar documents) may not,
have not, and will not, be distributed or made available, directly or indirectly, to any person in Belgium other than
to "qualified investors" ("investisseur qualifié"/"gekwalificeerde belegger") within the meaning of Article 2(e) of
the Prospectus Regulation acting on their own account. Insofar as Belgium is concerned, the Tender Offers are
made only to qualified investors, as this term is defined above. Accordingly, the information contained in this
announcement, the Offer to Purchase or in any other documents or materials relating to the Tender Offers may
not be used for any other purpose or disclosed or distributed to any other person in Belgium.
Legal Notices
None of the Dealer Managers (nor any of their respective directors, officers, employees, agents or affiliates) has
any role in relation to any part of the Tender Offers made to Holders that are not Relevant Holders, where
"Relevant Holders" means:
(i) a Holder of the USD Notes; or
(ii) a Holder of EUR Notes that is:
(a) if resident or located in a member state of the European Union (the "EU"), an "eligible counterparty" or a
"professional client", each as defined in Directive No. 2014/65/EU on markets in financial instruments (as
amended from time to time);
(b) if resident or located in the UK, an "eligible counterparty", as defined in the FCA Handbook Conduct of
Business Sourcebook, or a "professional client" as defined in point (8) of Article 2(1) of Regulation (EU)
No. 600/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018;
or
(c) if resident or located in a jurisdiction outside of the EU and the UK, an institutional holder under applicable
local law and not a retail holder.
This announcement is for informational purposes only and is not an offer to sell or purchase, a solicitation of an
offer to purchase or a solicitation of consents with respect to any securities. There will there be no sale of these
securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state or other jurisdiction.
This announcement is for informational purposes only and is not an offer to sell or purchase, a solicitation of an
offer to purchase or a solicitation of consents with respect to any securities. There will there be no sale of these
securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state or other jurisdiction.
This announcement does not describe all the material terms of the Tender Offers and no decision should be made
by any Holder on the basis of this announcement. The terms and conditions of the Tender Offers are described in
the Offer to Purchase. This announcement must be read in conjunction with the Offer to Purchase. The Offer to
Purchase contains important information which should be read carefully before any decision is made with respect
to the Tender Offers. If any Holder is in any doubt as to the contents of this announcement, or the Offer to
Purchase, or the action it should take, it is recommended that the Holder seek its own financial and legal advice,
including in respect of any tax consequences, immediately from its stockbroker, bank manager, solicitor,
accountant or other independent financial, tax or legal adviser. Any individual or company whose Notes are held
on its behalf by a broker, dealer, bank, custodian, trust company or other nominee must contact such entity if it
wishes to tender such Notes pursuant to the Tender Offers.
None of the Companies, the Dealer Managers or their affiliates, their respective boards of directors, the Tender
and Information Agent, the trustee with respect to the USD Notes or any of their respective affiliates makes any
recommendation, or has expressed an opinion, as to whether or not Holders should tender their Notes, or refrain
from doing so, pursuant to the Tender Offers. Each Holder should make its own decision as to whether to tender
its Notes and if so, the principal amount of the Notes to tender.
The Companies have not filed this announcement or the Offer to Purchase with, and they have not been
reviewed by, any federal or state securities commission or regulatory authority of any country. No
authority has passed upon the accuracy or adequacy of the Tender Offers, and it is unlawful and may be
a criminal offense to make any representation to the contrary.
The Offer to Purchase does not constitute an offer to purchase Notes in any jurisdiction in which, or to or from any
person to or from whom, it is unlawful to make such offer under applicable securities or blue sky laws. The
distribution of the Offer to Purchase in certain jurisdictions is restricted by law. Persons into whose possession the
Offer to Purchase comes are required by each of the Companies, the Dealer Managers, the Tender and
Information Agent to inform themselves about, and to observe, any such restrictions.
AB InBev Contacts
Investors Media
Shaun Fullalove Media Relations
Tel: +1 212 573 9287 E-mail: media.relations@ab-inbev.com
E-mail: shaun.fullalove@ab-inbev.com
Ekaterina Baillie
Tel: +32 16 276 888
E-mail: ekaterina.baillie@ab-inbev.com
Cyrus Nentin
Tel: +1 646 746 9673
E-mail: cyrus.nentin@ab-inbev.com
Fixed Income Investors
Patrick Ryan
Tel: +1 646 746 9667
E-mail: patrick.ryan@ab-inbev.com
3 April 2024
JSE Sponsor: Questco Corporate Advisory Proprietary Limited
About Anheuser-Busch InBev (AB InBev)
Anheuser-Busch InBev (AB InBev) is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the
Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock
Exchange (NYSE: BUD). As a company, we dream big to create a future with more cheers. We are always looking to serve up new ways
to meet life's moments, move our industry forward and make a meaningful impact in the world. We are committed to building great brands
that stand the test of time and to brewing the best beers using the finest ingredients. Our diverse portfolio of well over 500 beer brands
includes global brands Budweiser®, Corona®, Stella Artois® and Michelob Ultra®; multi-country brands Beck's®, Hoegaarden® and
Leffe®; and local champions such as Aguila®, Antarctica®, Bud Light®, Brahma®, Cass®, Castle®, Castle Lite®, Cristal®, Harbin®,
Jupiler®, Modelo Especial®, Quilmes®, Victoria®, Sedrin®, and Skol®. Our brewing heritage dates back more than 600 years, spanning
continents and generations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering spirit of the
Anheuser & Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush. To
Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure to developed and developing markets, we
leverage the collective strengths of approximately 155,000 colleagues based in nearly 50 countries worldwide. For 2023, AB InBev's
reported revenue was 59.4 billion USD (excluding JVs and associates).
Forward-Looking Statements
This release contains "forward-looking statements". These statements are based on the current expectations and views of future events
and developments of the management of AB InBev and are naturally subject to uncertainty and changes in circumstances. The forward-
looking statements contained in this release include statements other than historical facts and include statements typically containing
words such as "will", "may", "should", "believe", "intends", "expects", "anticipates", "targets", "estimates", "likely", "foresees" and words of
similar import. All statements other than statements of historical facts are forward-looking statements. You should not place undue reliance
on these forward-looking statements, which reflect the current views of the management of AB InBev, are subject to numerous risks and
uncertainties about AB InBev and are dependent on many factors, some of which are outside of AB InBev's control. There are important
factors, risks and uncertainties that could cause actual outcomes and results to be materially different, including, but not limited to, the
risks and uncertainties relating to AB InBev that are described under Item 3.D of AB InBev's Annual Report on Form 20-F filed with the
SEC on 11 March 2024. Many of these risks and uncertainties are, and will be, exacerbated by any further worsening of the global
business and economic environment, the ongoing conflicts in Russia and Ukraine and in the Middle East, including the conflict in the Red
Sea. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements.
The forward-looking statements should be read in conjunction with the other cautionary statements that are included elsewhere, including
AB InBev's most recent Form 20-F and other reports furnished on Form 6-K, and any other documents that AB InBev has made public.
Any forward-looking statements made in this communication are qualified in their entirety by these cautionary statements and there can
be no assurance that the actual results or developments anticipated by AB InBev will be realized or, even if substantially realized, that
they will have the expected consequences to, or effects on, AB InBev or its business or operations. Except as required by law, AB InBev
undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events
or otherwise.
ab-inbev.com_____________________________________________________ Press release – 3 April 2024 – 8
Date: 03-04-2024 08:52:00
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