Brewer’s merger bonds on record path

Anheuser-Busch InBev NV started offering bonds Wednesday that will back its takeover of SABMiller PLC in a sale that’s likely to stretch into Europe and become the biggest corporate-debt offering on record.

The brewer may sell about $25 billion of dollardenominated bonds in as many as eight parts, according to people familiar with the matter. Maturities will range from three to 30 years, according to a regulatory filing. The company got more than $80 billion of orders for the offering, which is more than the $75 billion of loans it has lined up to help fund the takeover. AB InBev is expected to tap debt markets in other regions later.

“It’s a well-telegraphed deal of a global company with a solid business, but ultimately it will come down to price,” said Matthew Duch, a money manager at Calvert Investments in Bethesda, Md., which oversees more than $13 billion in assets. “There is an expectation that the company will have to leave something on the table to get the deal done, but there are plenty of investors looking for quality assets to buy.”