AB InBev buys back debt but leverage still major concern

AB Inbev
By Mike Turner
29 Jun 2020

Anheuser-Busch InBev, the world’s largest brewer, received far below the €5.3bn-equivalent it had offered to buy back through a tender offer, as analysts still expect its leverage to remain at nosebleed levels for a company with a BBB+ rating.

The Baa1/BBB+ rated company launched a euro tender totalling aggregate maximum of €2bn for its 4% 2021 bonds, 1.95% 2021s, 0.875% 2022s and 0.8% 2023s. However, it has given itself the right to increase or decrease the maximum amount.

At the same time, AB InBev invited investors to tender ...

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