Press release

Brussels / 13 July 2020 / 2:30 p.m. CET

Anheuser-Busch InBev Announces Redemption of USD 889 Million, AUD 550 Million and CAD 600

Million

Brussels, 13 July 2020 -- Anheuser-Busch InBev SA/NV ("AB InBev") (Euronext: ABI) (NYSE: BUD)

(MEXBOL: ANB) (JSE: ANH) today announced that its wholly-owned subsidiaries Anheuser-Busch InBev Worldwide Inc. ("ABIWW"), Anheuser-Busch InBev Finance Inc. ("ABIFI") and Anheuser-Busch North American Holding Corporation ("AB North America", and together with ABIWW and ABIFI, the "Issuers")

are exercising their options to redeem the outstanding principal amount indicated in the table below of the following series of notes on the dates indicated below (any such date, a "Redemption Date"):

Aggregate Principal

IssuerAggregate Principal Amount Outstanding

Amount to be Redeemed

ABIWWUSD 454,047,000

USD 454,047,000

ABIWWUSD 285,362,000

USD 285,362,000

ABIWWAUD 550,000,000

AUD 550,000,000

ABIFICAD 600,000,000

CAD 600,000,000

AB North AmericaUSD 149,533,000

USD 149,533,000

Redemption

CUSIP/ISIN

Date

03523TBP2 /

12 August

US03523TBP21

2020

03523TBB3 /

12 August

US03523TBB35

2020

AU3CB0246650

29 July 2020

03524BAB2 /

12 August

CA03524BAB23

2020

2022 (the "AB North

America Notes", and

78573AAA8,

together with the ABIFI

U7787RAA9 /

12 August

Notes, the 2.500%

ABIWW Notes, the

US78573AAA88,

2020

4.375% ABIWW Notes

USU778RAA96

and the 3.250%

ABIWW Notes, the

"Notes")

Title of Series of Notes

2.500% Notes due 2022 (the "2.500% ABIWW Notes")

4.375% Notes due 2021 (the "4.375% ABIWW Notes")

3.250% Notes due 2022 (the "3.250% ABIWW Notes")

3.375%Notes

2023 (the Notes")

due "ABIFI

3.750% Notes due

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Press release

Brussels / 13 July 2020 / 2:30 p.m. CET

The 2.500% ABIWW Notes will be redeemed in full on the applicable Redemption Date at a make-whole redemption price in an amount calculated by the Independent Investment Banker, and equal to the greater of (i) 100% of the principal amount of the 2.500% ABIWW Notes; and (ii) as determined by the Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the 2.500% ABIWW Notes to be redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted to the applicable Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points; plus, in each case, accrued and unpaid interest on the principal amount of the 2.500% ABIWW Notes to be redeemed to (but excluding) the applicable Redemption Date. The Treasury Rate will be calculated on the third Business Day preceding the applicable Redemption Date. Such redemption is pursuant to the terms of the Indenture, dated as of 16 October 2009, by and among ABIWW, AB InBev, the subsidiary guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee (the "October 2009 Indenture"), the Twenty-Seventh Supplemental Indenture thereto, dated as of 16 July 2012 (the "Twenty-Seventh Supplemental Indenture"), and the terms of the 2.500% ABIWW Notes.

Capitalized terms used in this paragraph have the meanings assigned to such terms in the October 2009 Indenture, the Twenty-Seventh Supplemental Indenture and the terms of the 2.500% ABIWW Notes, as applicable.

The 4.375% ABIWW Notes will be redeemed in full on the applicable Redemption Date at a make-whole redemption price in an amount calculated by the Independent Investment Banker, and equal to the greater of (i) 100% of the principal amount of the 4.375% ABIWW Notes; and (ii) as determined by the Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the 4.375% ABIWW Notes to be redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted to the applicable Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points; plus, in each case, accrued and unpaid interest on the principal amount of the 4.375% ABIWW Notes to be redeemed to (but excluding) the applicable Redemption Date. The Treasury Rate will be calculated on the third Business Day preceding the applicable Redemption Date. Such redemption is pursuant to the terms of the Indenture, dated as of 16 October 2009, by and among ABIWW, AB InBev, the subsidiary guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee (the "October 2009 Indenture"), the Fourteenth Supplemental Indenture thereto, dated as of 16 October 2009 (the "Fourteenth Supplemental Indenture"), and the terms of the 4.375% ABIWW Notes. Capitalized terms used in this paragraph have the meanings assigned to such terms in the October 2009 Indenture, the Fourteenth Supplemental Indenture and the terms of the 4.375% ABIWW Notes, as applicable.

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Press release

Brussels / 13 July 2020 / 2:30 p.m. CET

The 3.250% ABIWW Notes will be redeemed in full on the applicable Redemption Date at a redemption amount calculated by the Calculation Agent, and equal to the greater of (a) the outstanding principal amount of the 3.250% ABIWW Notes (plus accrued and unpaid interest on the 3.250% ABIWW Notes as at the relevant Redemption Date) and (b) (i) the present value at the relevant Redemption Date of the outstanding principal amount of the 3.250% ABIWW Notes plus (ii) the present value at the relevant Redemption Date of all required interest payments that would otherwise be due to be paid on the 3.250% ABIWW Notes from the relevant Redemption Date through to the Maturity Date of the 3.250% ABIWW Notes, in each case both (i) and (ii) discounted to the relevant Redemption Date on a semi-annual basis (assuming a 365-day year) and at the Reinvestment Rate. The Reinvestment Rate will be calculated on the third Business Day preceding the relevant Redemption Date. Such redemption is pursuant to the terms of the Note Deed Poll, dated as of 12 May 2020, by and among ABIWW, AB InBev and the Guarantors named therein (the "May 2020 Note Deed Poll"), the Pricing Supplement thereto, dated as of 5 September 2017, as amended and restated on 12 May 2020 (the "Pricing Supplement"), and the terms of the 3.250% ABIWW Notes.

Capitalized terms used in this paragraph have the meanings assigned to such terms in the May 2020 Note Deed Poll, the Pricing Supplement and the terms of the 3.250% ABIWW Notes, as applicable.

The ABIFI Notes will be redeemed in full on the applicable Redemption Date at a make-whole redemption price of CAD 641,162,630.14, which is the price of the ABIFI Notes calculated to provide yield to maturity calculated from the applicable Redemption Date compounded semi-annually and calculated in accordance with generally accepted Canadian financial practice equal to the Government of Canada Yield calculated at 10:00 a.m. Toronto time on the Business Day preceding the day on which the ABIFI gives notice of redemption pursuant to Section 1104 of the Indenture, plus 36 basis points plus accrued and unpaid interest on the principal amount of the ABIFI Notes to be redeemed to (but excluding) the applicable Redemption Date. Such redemption is pursuant to the terms of the Indenture, dated as of 17 January 2013, by and among ABIFI, AB InBev, the subsidiary guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee (the "January 2013 Indenture", and together with the October 2009 Indenture, the "Indentures"), the Sixth Supplemental Indenture thereto, dated as of 25 January 2013 (the "Sixth Supplemental Indenture", and together with the Twenty-Seventh Supplemental Indenture and the Fourteenth Supplemental Indenture, the "Supplemental Indentures"), and the terms of the ABIFI Notes.

Capitalized terms used in this paragraph have the meanings assigned to such terms in the January 2013 Indenture, the Sixth Supplemental Indenture and the terms of the ABIFI Notes, as applicable.

The AB North America Notes will be redeemed in full on the applicable Redemption Date at a make-whole redemption price in an amount calculated by the Independent Investment Banker, and equal to the greater of (i) 100% of the principal amount of the AB North America Notes; and (ii) as determined by the

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Press release

Brussels / 13 July 2020 / 2:30 p.m. CET

Independent Investment Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the AB North America Notes to be redeemed (not including any portion of such payments of interest accrued to the applicable Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points; plus, in each case, accrued and unpaid interest on the principal amount of the AB North America Notes to be redeemed to (but excluding) the applicable Redemption Date. The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. Such redemption is pursuant to the terms of the Fiscal and Paying Agency Agreement, dated as of January 17, 2012, and supplemented on December 16, 2016, among AB North America, ABI SAB Group Holding Limited (formerly SABMiller plc), as guarantor, and The Bank of New York Mellon, acting through its London office, as fiscal agent (the "FPAA") and the terms of the AB North America Notes. Capitalized terms used in this paragraph have the meanings assigned to such terms in the FPAA and the terms of the AB North America Notes, as applicable.

On each applicable Redemption Date, (i) the Notes will no longer be deemed outstanding, (ii) the Redemption Price will become due and payable on the Notes and, (iii) unless the Company defaults in making payment of the Redemption Price, interest on the Notes called for redemption shall cease to accrue on and after the applicable Redemption Date.

The trustee, the fiscal agent and the paying agent are transmitting to registered holders of the Notes the notices of redemption containing information required by the Indentures, the Supplemental Indentures, the May 2020 Note Deed Poll, the Pricing Supplement, the FPAA and the terms of the Notes, as applicable. For the redemption price of the Notes, please contact Nestor F. Tapia at BNY Mellon(Nestor.F.Tapia@bnymellon.com)or Mark D. Cochrane at BNY Melon(Mark.D.Cochrane@bnymellon.com).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

English, Dutch and French versions of this press release will be available onwww.ab-inbev.com.

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Press release

Brussels / 13 July 2020 / 2:30 p.m. CET

ANHEUSER-BUSCH INBEV CONTACTS

Investors

Media

Lauren Abbott

Pablo Jimenez

Tel: +1 212 573 9287

Tel: +1 212 284 0158

E-mail:lauren.abbott@ab-inbev.com

E-mail:pablo.jimenez@ab-inbev.com

Mariya Glukhova

Ingvild Van Lysebetten

Tel: +32 16 276 888

Tel: +32 16 276 608

E-mail:mariya.glukhova@ab-inbev.com

E-mail:ingvild.vanlysebetten@ab-inbev.com

Jency John

Fallon Buckelew

Tel: +1 646 746 9673

Tel: +1 310 592 6319

E-mail:jency.john@ab-inbev.com

E-mail:fallon.buckelew@ab-inbev.com

Fixed Income Investors

Daniel Strothe

Tel: +1 646 746 9667

E-mail:daniel.strothe@ab-inbev.com

About Anheuser-Busch InBev

Anheuser-Busch InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD). Our Dream is to bring people together for a better world. Beer, the original social network, has been bringing people together for thousands of years. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest natural ingredients. Our diverse portfolio of well over 500 beer brands includes global brands Budweiser®, Corona® and Stella Artois®; multi-country brands Beck's®, Castle®, Castle Lite®, Hoegaarden® and Leffe®; and local champions such as Aguila®, Antarctica®, Bud Light®, Brahma®, Cass®, Cristal®, Harbin®, Jupiler®, Michelob Ultra®, Modelo Especial®, Quilmes®, Victoria®, Sedrin®, and Skol®. Our brewing heritage dates back more than 600 years, spanning continents and generations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering spirit of the Anheuser & Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush. To Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure to developed and developing markets, we leverage the collective strengths of approximately 175,000 employees based in nearly 50 countries worldwide. For 2019, AB InBev's reported revenue was 52.3 billion USD (excluding JVs and associates).

Forward-Looking Statements

This release contains "forward-looking statements". These statements are based on the current expectations and views of future events and developments of the management of AB InBev and are naturally subject to uncertainty and changes in circumstances. Forward-looking statements include statements typically containing words such as "will", "may", "should", "believe", "intends", "expects", "anticipates", "targets", "estimates", "likely", "foresees" and words of similar import. All statements other than statements of historical facts are forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect the current views of the management of AB InBev, are subject to numerous risks and uncertainties about AB InBev and are dependent on many factors, some of which are outside of AB InBev's control. There are important factors, risks and uncertainties that could cause actual outcomes and results to be materially different, including the risks and uncertainties relating to AB InBev described under Item 3.D of AB InBev's Annual Report on Form 20-F ("Form 20-F") filed with the US Securities and Exchange Commission ("SEC") on 24 March 2020. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements.

The forward-looking statements should be read in conjunction with the other cautionary statements that are included elsewhere, including AB InBev's most recent Form 20-F and other reports furnished on Form 6-K, and any other documents that AB InBev has made public. Any forward-looking statements made in this communication are qualified in their entirety by these cautionary statements and there can be no assurance that the actual results or developments anticipated by AB InBev will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, AB InBev or its business or operations. Except as required by law, AB InBev undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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AB - Anheuser-Busch InBev NV published this content on 13 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2020 13:00:09 UTC