The investment-grade notes are due 2032

Davis Polk advised the sole book-running manager in connection with an SEC-registered offering by B.A.T Capital Corporation of $200 million aggregate principal amount of its 4.742% notes due 2032. The notes are a further issuance of the 4.742% notes due 2032 issued in an aggregate principal amount of $700 million on March 16, 2022. The sole book-running manager conducted a variable price re-offer in respect of the notes.

Founded in 1902, British American Tobacco (BAT) is a multinational company that manufactures and sells cigarettes, tobacco and other nicotine products. BAT employs over 53,000 people and operates in over 180 countries. BAT has a significant portfolio of internationally recognized brands, including its global drive brands Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, Newport, Camel and Natural American Spirit, and other internationally recognized brands such as Vogue, Viceroy, Kool, Peter Stuyvesant, Craven A, Benson & Hedges, John Player Gold Leaf, State Express 555, Shuang Xi, Grizzly and Kodiak.

The Davis Polk corporate team included partner Reuven B. Young and associates Maxim Van de moortel and Catherine Liu. Counsel Alon Gurfinkel and associate Veronica Davis provided U.S. tax advice. All members of the Davis Polk team are based in the London office.

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