British American Tobacco units to price notes due 2028, 2032, 2052

By Marisa Wong

Los Angeles, March 14 – B.A.T. Capital Corp. intends to price notes due 2032 and 2052, and B.A.T. International Finance plc is offering notes due 2028, according to a 424B2 filing with the Securities and Exchange Commission.

The B.A.T. Capital tranches will be guaranteed by British American Tobacco plc, B.A.T. International Finance, B.A.T. Netherlands Finance BV and Reynolds American Inc.

The B.A.T. International Finance notes will be guaranteed by British American Tobacco, B.A.T. Capital, B.A.T. Netherlands and Reynolds American.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Mizuho Securities USA LLC and SMBC Nikko Securities America, Inc. are the joint bookrunners.

Bank of China Ltd., London Branch, Commerz Markets LLC, Lloyds Securities Inc. and Standard Chartered Bank are also listed as bookrunners.

The notes will feature make-whole calls and par calls.

Proceeds will be used for general corporate purposes, including the repayment of upcoming maturities.

Citibank, NA is the trustee for the notes.

Counsel for the issuers regarding U.S. law is provided by Cravath, Swaine & Moore LLP, regarding English law by Linklaters LLP and regarding Dutch law by Stibbe NV. Certain North Carolina legal matters will be passed upon for the issuers by Womble Bond Dickinson (US) LLP.

Legal counsel for the underwriters is provided by Davis Polk & Wardwell London LLP.

British American Tobacco is a London-based international tobacco company.

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