Carlsberg Breweries A/S (CARLB)

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Carlsberg Breweries A/S (CARLB)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	CONS	PRCD	CARLB	Carlsberg Breweries A/S	-		5	EMEA	Feb 19, 2025

Tranche #1Carlsberg Breweries A/S

currency

EUR

size (m)

850.000

maturity

Feb 28, 2027

type

Floating

tenor

2.000

call

registration

Reg S Only

benchmark

3mEu

ranking

Sr. Unsecured

moody's

Baa1

s&p

fitch

BBB+

size description

re-open/tap

ipt

3mEu+65-70

ipt-pxd

-27.5

guidance

3mEu+45 area

spread

coupon

3mEu+40

spread set

price

100.00000

yield

book size (m)

2,600

peak book (m)

3,100

x-covered

3.06

book attrition

-16.13%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

2,600

peak book (m)

3,100

x-covered

3.06

book attrition

-16.13%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #2Carlsberg Breweries A/S

currency

EUR

size (m)

1,000.000

maturity

Aug 28, 2029

type

Fixed

tenor

4.500

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa1

s&p

fitch

BBB+

size description

re-open/tap

ipt

MS+100-105

ipt-pxd

-32.5

guidance

MS+75 area

spread

coupon

3.00%

spread set

price

99.84100

yield

3.041%

book size (m)

3,600

peak book (m)

4,300

x-covered

3.6

book attrition

-16.28%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

3,600

peak book (m)

4,300

x-covered

3.6

book attrition

-16.28%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #3Carlsberg Breweries A/S

currency

EUR

size (m)

1,000.000

maturity

Feb 28, 2032

type

Fixed

tenor

7.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa1

s&p

fitch

BBB+

size description

re-open/tap

ipt

MS+120-125

ipt-pxd

-34.5

guidance

MS+95 area

spread

coupon

3.25%

spread set

price

99.83400

yield

3.277%

book size (m)

3,450

peak book (m)

4,400

x-covered

3.45

book attrition

-21.59%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

3,450

peak book (m)

4,400

x-covered

3.45

book attrition

-21.59%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #4Carlsberg Breweries A/S

currency

EUR

size (m)

1,150.000

maturity

Feb 28, 2035

type

Fixed

tenor

10.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa1

s&p

fitch

BBB+

size description

re-open/tap

ipt

MS+140-145

ipt-pxd

-34.5

guidance

MS+115 area

spread

108

coupon

3.50%

spread set

price

99.59300

yield

3.549%

book size (m)

4,000

peak book (m)

5,200

x-covered

3.48

book attrition

-23.08%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

4,000

peak book (m)

5,200

x-covered

3.48

book attrition

-23.08%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #5Carlsberg Breweries A/S

currency

GBP

size (m)

500.000

maturity

Feb 28, 2039

type

Fixed

tenor

14.000

call

registration

Reg S Only

benchmark

ranking

Sr. Unsecured

moody's

Baa1

s&p

fitch

BBB+

size description

re-open/tap

ipt

G+105-110

ipt-pxd

-29.5

guidance

G+85 area

spread

coupon

5.50%

spread set

price

98.84800

yield

5.62%

book size (m)

2,400

peak book (m)

3,100

x-covered

4.8

book attrition

-22.58%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

2,400

peak book (m)

3,100

x-covered

4.8

book attrition

-22.58%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

2 yr: Book size: 2600; Registration: Reg S Only; Comments: EUR850m 2yr FRN 3mEu+40bps at 100. Clean-Up Call: 75%. CoC: 100%. LEI: 5493008YL42784DMWN61; 4.5 yr: Book size: 3600; Registration: Reg S Only; Comments: EUR1bn 4.5yr cpn 3.00% at 99.841, yld 3.041%. Spread: MS+70bps. MWC: B+15bps. 82.8bps vs. DBR 0 15/08/29 @ 90.66 (2.213%) HR:104%. Par Call: 1m. Clean-Up Call: 75%. CoC: 100%. LEI: 5493008YL42784DMWN61; 7 yr: Book size: 3450; Registration: Reg S Only; Comments: EUR1bn 7yr cpn 3.25% at 99.834, yld 3.277%. Spread: MS+88bps. MWC: B+15bps. 90.7bps vs. DBR 0 15/02/32 @ 84.91 (2.370%) HR:106%. Par Call: 3m. Clean-Up Call: 75%. CoC: 100%. LEI: 5493008YL42784DMWN61; 10 yr: Book size: 4000; Registration: Reg S Only; Comments: EUR1.15bn 10yr cpn 3.50% at 99.593, yld 3.549%. Spread: MS+108bps. MWC: B+15bps. 100.4bps vs. DBR 2.500 15/02/35 @ 99.60 (2.545%) HR:95%. Par Call: 3m. Clean-Up Call: 75%. CoC: 100%. LEI: 5493008YL42784DMWN61; 14 yr: Book size: 2400; Registration: Reg S Only; Comments: GBP500m 14yr cpn 5.5% at 98.848, yld 5.620%. Spread: G+78bps. MWC: G+15bps. 78bps vs. UKT 1.125 31/01/39 @ 62.642 (4.840%) HR:125% vs BID 62.592. Par Call: 3m. CoC: 100%. LEI: 5493008YL42784DMWN61;

Deal Comments

Joint Bookrunners: BNP(B&D) (7yr, 10yr, 14yr), DAN, NRD, SEB, UNI, SOC(B&D) (2yr, 4.5yr)

Use of Proceeds

Repay debt and general corporate purposes

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