US Bond Issue

RNS Number : 8874P

British American Tobacco PLC

11 June 2015

 



US Bond Issue

B.A.T. International Finance p.l.c. announces that it has successfully priced a US dollar denominated issue of notes (the "Notes"), raising proceeds of approximately $4.5 billion.  The Notes will be issued by B.A.T. International Finance p.l.c. and guaranteed by British American Tobacco p.l.c., British American Tobacco Holdings (The Netherlands) B.V. and B.A.T. Netherlands Finance B.V. pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"), in five tranches:

$750,000,000 1.850 per cent Notes due 2018;

$1,250,000,000 2.750 per cent Notes due 2020;

$500,000,000 3.500 per cent Notes due 2022;

$1,500,000,000 3.950 per cent Notes due 2025; and

$500,000,000 Floating Rate Notes due 2018.

It is expected that the net proceeds of the offering will be used to indirectly finance the subscription for additional ordinary shares in Reynolds American Inc. in connection with the acquisition by Reynolds American Inc. of all the shares in Lorillard Inc. and for general corporate purposes, which may include the repayment of certain outstanding debt. The issue is scheduled to close on 15 June 2015, subject to customary conditions.

It is expected that listing particulars in respect of the Notes will shortly be filed with the UK Listing Authority.

The Notes have not been, and will not be, registered under the Securities Act, or under the securities legislation of any states of the United States, and may not be offered or sold in the United States, other than pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The issuer of the Notes does not presently intend to make a public offer of securities in the United States or to register any securities under the Securities Act.

This announcement does not constitute or form part of any offer or any solicitation to purchase nor shall it, or the fact of its distribution, form the basis of, or be relied on in any purchase. This announcement and any subsequent offer of securities may be restricted by law in certain jurisdictions and persons receiving this announcement or any subsequent offer should inform themselves about and observe any such restriction. Failure to comply with such restrictions may violate securities laws of any such jurisdiction.

Enquiries

Investor Relations 

Mike Nightingale/Rachael Brierley: [phone]/1519

British American Tobacco Press Office 

Will Hill/Anna Vickerstaff:  [phone]

British American Tobacco p.l.c.

Globe House

4 Temple Place

London WC2R 2PG

11 June 2015

 

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