The offering is composed of three tranches of notes

Davis Polk advised the joint bookrunners and representatives of the several underwriters in connection with the SEC-registered offering by B.A.T Capital Corporation of $1 billion aggregate principal amount of its 5.350% notes due 2032, $1 billion aggregate principal amount of its 5.625% notes due 2035, and $500 million aggregate principal amount of its 6.250% notes due 2055. 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 associates Francesco Mancuso and Matt Meagher. European counsel John Taylor and associate Mary Valtas provided U.K. law advice. All members of the Davis Polk team are based in the London office.

 

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