SABMiller’s acquisition of Australian lager brand Foster’s was one of the most exciting corporate transactions of 2011. An A$11.5bn ($12.3bn) takeover, the deal was big, bold and well timed, cementing SABMiller’s position as a pre-eminent player in the global brewing industry. It also left the company with $12.5bn of acquisition finance, including a $8bn bridging loan with a maximum two-year maturity.
“We completed the Foster’s acquisition in December but from the moment the deal went friendly in late September, we were not only preparing for settlement of the transaction; we were also anticipating the point at which it would make sense to refinance the banking facility,” says SABMiller group treasurer David Mallac.