AmBev Raises $949 Million Via Bond Sale

Brazil’s largest beverage company, brewer AmBev, raised $949 million via the sale of local bonds to help fund the acquisition of a 35% stake in Argentine drinks group Quinsa from Beverage Associates Corporation (BAC) for $1.2 billion. The non-convertible debentures were issued in two series: one maturing in three years and paying annual interest of 1.75% over the local interbank (CDI) rate and the other maturing in six years and paying an annual rate of 2.5% over CDI. AmBev’s stake in the Argentine company rises to 91% as a result of the purchase.