The investment-grade notes are due 2028, 2032 and 2052

Davis Polk advised the joint book-running managers and representatives of the several underwriters in connection with concurrent SEC-registered offerings by (1) B.A.T Capital Corporation of $700 million aggregate principal amount of its 4.742% notes due 2032 and $600 million aggregate principal amount of its 5.650% notes due 2052; and (2) B.A.T. International Finance p.l.c. of $1 billion aggregate principal amount of its 4.448% notes due 2028.

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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