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SABMiller subsidiary establishes bond programme
Bonds and commercial paper issued under the programme are expected to be registered for trading in the secondary market of the Colombian Stock Exchange (Bolsa de Valores de Colombia) and admitted to the official list of the Cayman Islands Stock Exchange.
"The programme will be used primarily to refinance Bavaria S.A.'s existing COP$1,910,320,000,000 (approximately $1,012,000,000) bonds by means of an exchange offer under which bondholders will be offered New Securities in exchange for existing bonds.
The New Securities will benefit from a guarantee by SABMiller plc, which is intended to place holders in a pari passu position with the holders of other unsecured debt obligations of SABMiller plc in the circumstances described in the Programme documents.
"The Programme will also be available to fund working capital and for other purposes, although no issues other than the issue of New Securities under the exchange offer are contemplated at this time," SABMiller said.
Source: I-Net Bridge
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