* $17.2 bln long-term facility completes refinancing
* Includes non-cash expenses of $186 mln in H1 2010
* Also $150 mln in mark-to-market adjustments in H1 2010
AMSTERDAM, Feb 26 Anheuser-Busch InBev (ABI.BR)
has completed the refinancing of an initial $54 billion loan
facility taken out when it was created through the purchase by
Belgian brewer InBev of U.S. rival Anheuser-Busch in 2008.
AB InBev (BUD.N) obtained a $17.2 billion long-term bank
facility, consisting of a $8 billion five-year revolving loan, a
$5 billion three-year loan and a $4.2 billion long-term
The move came as highly-rated blue-chip corporate borrowers
such as Henkel (HNKG_p.DE) (HNKG.DE) and Philips (PHG.AS) take
advantage of lower loan pricing and longer five-year loan tenors
to cut borrowing costs and stretch the maturity of their debt
AB InBev will take about $150 million in mark-to-market
downward adjustments in both the first and second quarter this
year as an interest rate swap on part of the original facility
would no longer be effective, the company said.
The brewer's finance costs in the first and second quarter
this year would include incremental non-cash accretion expenses
of $29 million and $157 million, respectively.
(Reporting by Gilbert Kreijger; Editing by David Holmes)