5/28/2004 10:00 

Carlsberg A/S has issued DKK2bn of five-year bonds with an interest rate of 4.875%. The bonds have been primarily sold to Danish institutional investors and financial institutions at a price of DKK99.649. The bonds are expected to be listed on the Copenhagen Stock Exchange from 4 June 2004, and on the same day the proceeds will be paid to Carlsberg.

The bond issue was arranged by ABN AMRO and Danske Bank.

Because of the great interest in the issue it has been possible to double the issue size from the planned DKK1bn to DKK2bn, while at the same time achieving a significant over-subscription.

Carlsberg has therefore successfully ended the last of its planned capital market transactions for 2004 to refinance the credit facility used for the purchase of Orkla's 40% share of Carlsberg Breweries A/S.

Carlsberg wants a financial rating of "investment grade", and is therefore working on a fast reduction of the Carlsberg Group's interest-bearing debt by focusing on improving cash flow from operations and selling non-core activities.



Mikael Bo Larsen, +45 33 27 1223

Margrethe Skov, +45 33 27 1410