Sullivan & Cromwell, Clifford Chance and Allen & Overy (A&O) have won roles as the world’s largest brewer Anheuser-Busch InBev NV (AB InBev) prepares to issue $46bn worth of bonds, in what may become the largest corporate offering in history.
Sullivan & Cromwell advised Budweiser owner AB InBev on its US law matters with London partner George White and New York partner Francis Aquila leading, while tax head Ronald Creamer also advised. Clifford Chance provided advice to AB InBev in Belgium and Luxembourg.
A&O represented the joint book runners and global coordinators Bank of America Merrill Lynch, Barclays and Deutsche Bank Securities as well as a syndicate of 21 underwriting banks on the pricing of the notes for AB InBev issued by its subsidiary, Anheuser-Busch InBev Finance. A&O’s London-based US corporate finance partner Adam Kupitz led the deal.
An A&O spokesperson said: ‘The SEC-registered, New York law governed deal was oversubscribed with $110bn in the book, making it the most highly demanded bond offering in Wall Street history, eclipsing the $102bn order book that Verizon attracted on its $49bn deal two years ago.’
The issuance is expected to close on 25 January 2016 subject to conditions. AB InBev will use the money to fund its takeover of brewing giant SABMiller. A&O also advised on that merger announced late last year with the firm advising the full syndicate of banks, led by partner Nicholas Clark. Freshfields Bruckhaus Deringer, Linklaters and Hogan Lovells also won roles on the deal that would create a $275bn company.