Anheuser-Busch InBev (AB InBev) has appointed BNY Mellon as trustee, registrar and paying agent on the $47 billion in debt it is using to help finance its acquisition of fellow brewer SABMiller.
BNY Mellon says the issuance – which includes $46 billion in debt issued in the US and $1.4 billion in Formosa bonds (US dollar-denominated bonds issued by non-US companies in Taiwan) – represents the largest issuance serviced by its corporate trust business and one of the largest ever by a global corporation.
Fernando Tennenbaum, AB InBev’s global treasurer, says the issuance attracted investors from around the world with a variety of requirements and that BNY Mellon’s ability to support large global financings across multiple markets was the key driver for its being selected as trustee.
“We are particularly well-positioned to service financings like this one, which was well received by the investment community as demonstrated by its oversubscription and tightening spreads on a day when credit demand was not particularly strong,” said Kathleen Scott, Head of BNY Mellon’s U.S. corporate and insurance business in the corporate trust group. “The attractive attributes of this issuance include AB InBev’s strong reputation as a global brand and its consistent overall record with bondholders.”
BNY Mellon has served as depositary bank for AB InBev’s American Depositary Receipt (ADR) programme since its launch in 2009. The security, which is listed on the NYSE, has become one of the most actively traded ADRs, with $49 billion in value traded in 2015.