KKR To Halve Oriental Brewery Debt via Refinancing

(Reuters) - After months of speculation, Kohlberg Kravis Roberts & Co has mandated Korea Development Bank to refinance the deal that backed its $1.8 billion leveraged buyout of Oriental Brewery Co Ltd (OB) in 2009. KKR would halve its borrowing costs through the planned refinancing deal, according to sources familiar with the matter. The blue-chip sponsor was forced to pay a top-level all-in of 660 basis points (bps) for a five-year, $915 million-equivalent loan when it bought the Korean brewer from Anheuser-Busch InBev NV INTB.BR during a period of tight liquidity in 2009.

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