SABMiller in £4bn bond auction to finance Foster's deal

City A.M. Reporter
Global brewer SABMiller aid it had issued and successfully priced a $7bn (£4bn) bond auction with the proceeds used to repay part of the bank borrowing taken on for the purchase of Australian brewer Foster' s late last year.

The London-based brewer of Miller Lite, Peroni and Grolsch beer finalised the cash takeover of Foster' s for A$11.5bn ($11.9bn), including debt, in December 2011 to give it around a half share of the Australian beer market.

"We were very pleased by the high level of demand from bond investors in response to this offering, and the pricing achieved, which we believe is a reflection of the strengths of the SABMiller Group and our attractive profile of brands and businesses," said SABMiller's chief financial officer Jamie Wilson in a statement.