InBev buys Anheuser-Busch (2008)
Belgium-based InBev bought Anheuser-Busch for about $52 billion, funded by a $45 billion bridge loan arranged just as the financial crisis hit. The combined brewer had to refinance that short-term debt in frozen markets.
The company sold assets and issued record-sized bonds to repay the bridge loan over the next two years.
Anheuser-Busch InBev became the world's largest brewer and a model for bridge-to-bond financing of mega deals.
Like Nippon Steel, InBev funded a giant cross-border purchase with a bridge loan, then raced to replace it with long-term bonds at rising cost.
