1st Jul 2008 07:00
1 July 2008
"In connection with the combining of the US and Puerto Rico operations of Miller Brewing Company ("Miller") and Coors Brewing Company, SABMiller plc (the "Company") makes the following announcement relating to the undernoted debt securities:
US$600,000,000 4.25% Notes issued by Miller due 2008 ("2008 Notes")
US$1,100,000,000 5.50% Notes issued by Miller due 2013 ("2013 Notes")
US$300,000,000 6.625% Notes issued by the Company due 2033 ("2033 Notes")
US$300,000,000 Floating Rate Notes issued by the Company due 2009 ("2009 Notes")
US$600,000,000 6.20% Notes issued by the Company due 2011 ("2011 Notes")
US$850,000,000 6.50% Notes issued by the Company due 2016 ("2016 Notes" and together with the 2008 Notes, the 2013 Notes, the 2033 Notes, the 2009 Notes and the 2011 Notes, the "Notes").
MBC1, LLC a limited liability company organized under the laws of the State of Wisconsin ("MBC1"), MBC2, LLC, a limited liability company organized under the laws of the State of Wisconsin ("MBC2"), Miller Products Company, LLC (formerly Miller Products Company), a limited liability company organized under the laws of the State of Wisconsin ("MPC"), Miller Breweries West, L.P., a Wisconsin limited partnership ("MBW") and Miller Breweries East, LLC (formerly Miller Breweries East, Inc.), a limited liability company organized under the laws of the State of Wisconsin ("MBE" and together with MBC1, MBC2, MPC and MBW, the "Former US Guarantors") have each transferred substantially the entirety of their assets to Miller pursuant to an intra-group reorganisation. As a result of this transfer, pursuant to the terms and conditions and other documents governing the Notes and pursuant to supplemental agreements entered into, the Former US Guarantors have ceased to be guarantors of the Notes and have been relieved from all their obligations with respect to the Notes. Subsequently, pursuant to the terms and conditions and other documents governing the 2008 and 2013 Notes and pursuant to supplemental agreements entered into, the Company has assumed all of the outstanding obligations of Miller and Miller has been released from all of its obligations with respect to the 2008 Notes and the 2013 Notes. Subsequently, pursuant to the guarantees and other documents governing the 2009 Notes, 2011 Notes and 2016 Notes, Miller has been released from all of its obligations as guarantor with respect to the 2009 Notes, 2011 Notes and 2016 Notes. Subsequently, Miller has transferred substantially the entirety of its assets to MillerCoors LLC, a limited liability company organized under the laws of the State of Delaware. As a result of this transfer, pursuant to the terms and conditions and other documents governing the 2033 Notes and pursuant to a supplemental agreement entered into, Miller has ceased to be a guarantor of the 2033 Notes and has been relieved of all of its obligations with respect to the 2033 Notes, which were at the same time assumed in full by MillerCoors LLC. The Company remains the primary obligor with respect to the 2033 Notes.
Consequently, pursuant to the terms of the Company's US$1 billion commercial paper programme ("CPP"), commercial paper issued under the CPP hereafter will not be guaranteed. In addition, the Company has also obtained the consent of the lenders under its syndicated loan facilities to the release of guarantees under the relevant facilities."
John Davidson
General Counsel and Group Secretary
SABMiller plc
Related Shares:
SAB.L