The offering is composed of two tranches of notes

Davis Polk advised the underwriters in connection with the SEC-registered offering by B.A.T Capital Corporation of $850 million aggregate principal amount of its 5.834% notes due 2031 and $850 million aggregate principal amount of its 6.000% notes due 2034. B.A.T. Capital Corporation is a subsidiary of British American Tobacco p.l.c. (BAT).

BAT is a leading, multi-category consumer goods business. BAT’s strategic portfolio is made up of its global cigarette brands and a growing range of reduced-risk new category tobacco and nicotine products and traditional non-combustible tobacco products. These include vapor, tobacco heating products, modern oral products including tobacco-free nicotine pouches, as well as traditional oral products such as snus and moist snuff.

The Davis Polk corporate team included partner Reuven B. Young, counsel Maxim Van de moortel and associate Francesco Mancuso. Counsel Alon Gurfinkel and associate Ya Sheng Lin provided U.S. tax advice. Partner Dominic Foulkes and associate Patrick O’Donovan provided U.K. tax advice. Counsel Will Schisa provided sanctions advice. Members of the Davis Polk team are based in the London and Washington DC offices.

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