AB InBev Financial Results
The average market value of the company's shares for purposes of calculating the dilutive effect of share options and
restricted stock units was based on quoted market prices for the period that the options and restricted stock units were
outstanding. For the calculation of Diluted EPS before non-underlying items, 51 million share options were anti-dilutive and
not included in the calculation of the dilutive effect as at 31 December 2022 (31 December 2021: 68 million share options).
22. Interest-bearing loans and borrowings
This note provides information about the company's interest-bearing loans and borrowings. For more information about
the company's exposure to interest rate and foreign exposure currency risk - refer to Note 27 Risks arising from financial
instruments.
Million US dollar
Unsecured bond issues
Lease liabilities
Unsecured other loans
Secured bank loans
Non-current interest-bearing loans and borrowings
Lease liabilities
Secured bank loans
Unsecured bank loans
Unsecured other loans
Unsecured bond issues
Current interest-bearing loans and borrowings
Interest-bearing loans and borrowings
31 December 2022 31 December 2021
76 798
85 433
1963
1 830
95
31
24
75
78 880
87 369
529
447
369
553
100
106
30
9
293
1 029
1 408
79 909
88 777
The current and non-current interest-bearing loans and borrowings amount to 79.9 billion US dollar as at 31 December
2022, compared to 88.8 billion US dollar as at 31 December 2021.
As at 31 December 2022, the company had no outstanding balance on commercial papers (31 December 2021: nil). The
commercial papers include programs in US dollar and euro with a total authorized issuance up to 5.0 billion US dollar and
3.0 billion euro, respectively.
On 10 January 2022, Anheuser-Busch InBev SA/NV ("ABISA") announced that its wholly-owned subsidiary Anheuser-
Busch InBev Finance Inc. ("ABIFI") exercised its option to redeem the outstanding principal amounts for an aggregate
principal amount of 3.1 billion US dollar of the following series of notes:
Original principal
amount
outstanding
(in million)
Principal amount
redeemed
(in million)
1 633
Date of
redemption
Issuer
(abbreviated)
Title of series of notes
redeemed
Currency
9 February 2022
1 March 2022
ABIFI
ABIFI
3.650% Notes due 2026
4.915% Notes due 2046
USD
USD
1 633
1 470
1 470
On 2 December 2022, the company completed the tender offers of twelve series of USD notes and two series of GBP
notes for up to 3.5 billion US dollar aggregate purchase price. The company accepted the tender offers of eight series of
notes issued by Anheuser-Busch InBev SA/NV ("ABISA"), Anheuser-Busch InBev Worldwide ("ABIWW") and Anheuser-
Busch InBev Finance Inc. ("ABIFI") and repurchased 3.9 billion US dollar aggregate principal amount of these notes. The
total principal amount repurchased in the tender offers is set out in the table below:
Original
principal
Principal
amount
amount
Date of redemption
Issuer
(abbreviated)
2 December 2022
ABISA
Title of series of notes
partially repurchased
2.850% Notes due 2037
outstanding
repurchased
Principal
amount not
repurchased
Currency
GBP
(in million)
(in million)
(in million)
900
489
411
2 December 2022
ABISA
2.250% Notes due 2029
GBP
700
363
337
2 December 2022
ABIFI
4.000% Notes due 2043
USD
750
346
404
2 December 2022
ABIWW
3.750% Notes due 2042
USD
1 000
529
471
2 December 2022
ABIWW
4.600% Notes due 2060
USD
1 000
503
497
2 December 2022
ABIWW
4.500% Notes due 2050
USD
2 250
683
1 567
2 December 2022
ABIWW
4.750% Notes due 2058
USD
1 500
519
981
2 December 2022
ABIWW
4.600% Notes due 2048
USD
2 500
321
2 179
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