The investment-grade notes are due 2032

Davis Polk advised the joint book-running managers and representatives of the several underwriters in connection with the SEC-registered offering by B.A.T Capital Corporation of $600 million aggregate principal amount of its 7.750% notes due 2032. B.A.T. Capital is a subsidiary of British American Tobacco p.l.c. (BAT).

BAT employs over 52,000 people and operates in over 175 countries. 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 vapour, 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 Paavani Garg and Jonathan Williamson. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided U.S. tax advice. Partner Jonathan Cooklin provided U.K. tax advice. All members of the Davis Polk team are based in the London office.

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