B.A.T. International Finance to price five tranches of senior notes

By Cristal Cody

Tupelo, Miss., Sept. 22 – British American Tobacco plc subsidiary B.A.T. International Finance plc intends to price five tranches of senior notes (Baa2/BBB+) on Tuesday, according to an informed source.

A tranche of notes due March 25, 2026 is talked to price in the Treasuries plus 170 basis points area.

An offering of notes due March 25, 2028 is guided to price with a Treasuries plus 210 bps area spread.

Initial price talk on a tranche of notes due March 25, 2031 is at the 230 bps spread area.

Price guidance on an offering of notes due Sept. 25, 2040 is at the 270 bps over Treasuries area.

A tranche of notes due Sept. 25, 2050 is talked to print at the 290 bps spread area.

BofA Securities Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Societe Generale and Wells Fargo Securities LLC are the active bookrunners. BBVA Securities Inc., HSBC Bank plc and Santander Investment Securities Inc. are passives.

British American Tobacco on Tuesday announced that B.A.T. International Finance, B.A.T. Capital Corp. and Reynolds America Inc. have started tender offers for up to $2 billion in cash for certain outstanding dollar-, euro- and sterling-denominated bonds.

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

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