SAB Miller prices $1.1bn bond

Brewing giant SAB Miller yesterday issued a $1.1bn (£0.7bn) bond to repay debt used to buy Australian beer company Foster’s in 2011. Its subsidiary SABMiller Holdings has priced $750m five-year fixed rate notes with a coupon of 2.20 per cent and $350m five-year floating rate notes with a coupon of 0.69 per cent over 3-month LIBOR. The refinancing comes a year after SAB Miller tapped the bond market for $7bn to help finance the deal.