[8-K] Boston Beer Company Reports Material Event

Rhea-AI Filing Summary

FedEx Corp. (FDX) filed an 8-K to report the execution of a euro-denominated debt offering. On 23 July 2025 the company and four wholly owned subsidiaries signed an underwriting agreement with BNP Paribas, Goldman Sachs & Co. LLC and J.P. Morgan Securities plc.

• €500 million 3.500% senior notes due 2032
• €350 million 4.125% senior notes due 2037

The €850 million aggregate offering was registered under FedEx’s automatic shelf registration statement (Form S-3 No. 333-273320) and is backed by guarantees from the listed subsidiaries. Proceeds, pricing terms and use-of-funds details are not disclosed in the filing; however, the coupons indicate long-dated funding at fixed rates below current USD borrowing costs, providing currency diversification and extending the company’s maturity ladder. Exhibit 1.1 (the underwriting agreement) and the Inline XBRL cover page (Ex. 104) are incorporated by reference.

Positive

• Secured €850 million of long-term funding at fixed 3.5% and 4.125% coupons, diversifying currency exposure and extending debt maturity profile.

Negative

• Total debt increases, adding interest expense and slightly raising leverage without disclosed use-of-proceeds or deleveraging plan.

Insights

Fixed-Income Analyst

TL;DR: FDX taps euro market for €850 m long-term notes, locking in moderate coupons and extending debt maturities.

The two-tranche issue adds roughly US$930 m to FedEx’s capital stack at 3.5%/4.125% coupons—attractive versus comparable USD yields and below FedEx’s WACC. Euro funding diversifies currency exposure and lengthens average maturity (new tails at 2032 and 2037). Leverage rises modestly, but size is immaterial to a $74 bn balance sheet. Rating agencies likely view the deal as neutral; proceeds presumably refinance nearer-term debt or fund capex. Overall impact: modestly positive liquidity enhancement.

Corporate Finance Specialist

TL;DR: Incremental debt improves liquidity flexibility but slightly increases leverage; no use-of-proceeds specifics given.

FedEx continues its strategy of balancing currency buckets by issuing euros, potentially hedging European cash flows. Absence of detailed proceeds allocation limits insight into leverage trajectory and shareholder returns. Coupons reflect higher rate environment vs prior euro issues (0.45%-1.625%), but still reasonable for BBB range credit. Investors should watch upcoming FY26 guidance for clarity on allocation of new funds.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 24, 2025

The Boston Beer Company, Inc.

(Exact name of Registrant as Specified in Its Charter)

Massachusetts	001-14092	04-3284048
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
One Design Center Place, Suite 850, Boston, MA		02210
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (617) 368-5000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common Stock		SAM		NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On July 24, 2025, The Boston Beer Company, Inc. disclosed financial information for the second quarter of 2025 in an earnings release, a copy of which is set forth in the attached Exhibit 99.

The information in this Form 8-K and the Exhibit 99 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

Exhibit 99		Earnings Release of The Boston Beer Company, Inc. dated July 24, 2025.
104		Cover Page Interactive Data File (embedded within Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		The Boston Beer Company, Inc.
		(Registrant)
Date: July 24, 2025		/s/ Diego Reynoso
		Diego Reynoso
		Chief Financial Officer

FAQ

What debt did FedEx (FDX) announce in the 8-K?

FDX is issuing €500 m 3.500% notes due 2032 and €350 m 4.125% notes due 2037.

Who are the underwriters for FedEx’s new euro notes?

BNP Paribas, Goldman Sachs & Co. LLC and J.P. Morgan Securities plc act as joint book-runners.

Are the new FedEx notes guaranteed?

Yes, they are guaranteed by Federal Express Corp., Federal Express International, Federal Express Europe and FedEx Freight.

How large is the total offering size in U.S. dollars?

At current FX (~1.09), the €850 m issue equates to roughly US$930 million.

Will the issuance affect FedEx’s leverage?

Leverage rises modestly; the filing does not outline offsetting debt repayment plans.