Anheuser-Busch InBev (Euronext: ABI) (NYSE: BUD) announced today that it has
completed the pricing of USD 3.25 billion aggregate principal amount of bonds,
consisting of USD 500 million aggregate principal amount of floating rate notes due 2013, USD 1.0 billion aggregate principal amount of fixed rate notes due 2013, USD 750 million aggregate principal amount of fixed rate notes due 2015 and USD 1.0 billion aggregate principal amount of fixed notes due 2020. The notes will bear interest at 73 basis points above three-month LIBOR for the floating rate notes, at an annual rate of 2.500% for the 2013 notes, 3.625% for the 2015 notes, and 5.000% for the 2020 notes, which will mature on March 26, 2013, in the case of the floating rate note and the 2013 note, and on April 15, 2015, in the case of the 2015 note, and on April 15, 2020, in the case of the 2020 note.
The notes will be issued by Anheuser-Busch InBev Worldwide Inc. and will be
unconditionally and irrevocably guaranteed by its parent company, Anheuser-Busch InBev NV/SA, which is currently rated Baa2 (Moody's) and BBB+ (Standard and Poor's). In addition, certain subsidiaries of Anheuser-Busch InBev NV/SA will provide guarantees in respect of the notes.
The notes are being offered and sold to certain qualified institutional investors in the US pursuant to Rule 144A and outside the US pursuant to Regulation S under the US Securities Act of 1933, as amended.
Felipe Dutra, CFO of Anheuser-Busch InBev, commented "Today's USD 3.25 billion
bond offering along with the recently announced USD 17.2 billion bank financing
further improves our capital structure. The bonds allow us to refinance bank debt using less expensive funding and will provide us with additional undrawn capacity under our new USD 8.0 billion revolving credit facility, thus improving the Company's liquidity."
The enclosed information constitutes regulated information as defined in the Belgian Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated
market.
As a consequence of this bond offering and of the USD 17.2 billion refinancing
announced on February 26, 2010, non-recurring finance costs in 1Q10 and 2Q10 will include incremental non-cash accretion expenses of USD 29 million and USD 157 million, respectively, in addition to a one-time negative mark-to-market adjustment estimated to be approximately USD 320 million for 1Q10, as the interest rate swaps hedging on USD 5.85 billion of the original acquisition facility will no longer be effective. The estimated negative mark-to-market impact is subject to interest rate volatility and will be determined at substantially the same time as the closing of the bond offering. While the accretion expense is a non-cash item, the cash equivalent of the negative mark-to-market adjustment will be spread over 2010 and 2011.

Brussels, 24 maart 2010