A portion of the net proceeds of the investment-grade notes offering was used to fund the cash tender offer

Davis Polk advised the joint book-running managers in connection with a Rule 144A / Regulation S offering by Imperial Brands Finance PLC of $1 billion principal amount of 6.125% senior notes due 2027.

Davis Polk also advised the dealer managers in connection with a concurrent cash tender offer by Imperial Brands Finance PLC for any and all of its $1 billion 3.500% senior notes due 2023. A portion of the net proceeds of the notes offering was used to fund the cash tender offer.

Headquartered in Bristol, United Kingdom, Imperial Brands is the parent company of an international business specialising in tobacco and next generation products (NGP) brands, with brands and products available in over 160 countries worldwide. Imperial’s core business is built around a tobacco portfolio of approximately 160 brands that offers a comprehensive range of cigarettes, fine cut tobacco, papers and mass-market cigars as well as NGP and snus products.

The Davis Polk corporate team providing U.S. law advice included partner Reuven B. Young and associates Christopher T. Diel and Francesco Mancuso. European counsel John Taylor provided English law advice. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided U.S. tax advice. Partner Jonathan Cooklin and associate Freddie Schwier provided U.K. tax advice. All members of the Davis Polk team are based in the London office.

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