British American Tobacco’s $2.3 Billion Notes Offering

Cravath, Swaine & Moore advised British American Tobacco, while Davis Polk advised the joint book-running managers and representatives of the several underwriters in the offering.

B.A.T Capital Corporation executed an offering 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 B.A.T. International Finance p.l.c., an offering of $1 billion aggregate principal amount of its 4.448% notes due 2028.

The Joint Book-Running Managers included Citigroup, Deutsche Bank Securities, Mizuho Securities, SMBC Nikko. The Bookrunners included Bank of China, COMMERZBANK, Lloyds Securities and Standard Chartered Bank.

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 (Picture) and associates Maxim Van de moortel and Catherine Liu. Counsel Alon Gurfinkel and associate Veronica Davis provided U.S. tax advice.

Involved fees earner: Veronica Davis – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Catherine Liu – Davis Polk & Wardwell; Maxim Van de moortel – Davis Polk & Wardwell; Reuven Young – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Bank of China; Citigroup Inc.; Commerzbank AG; Deutsche Bank Securities; Lloyds Securities; Mizuho Securities; SMBC Nikko Securities America; Standard Chartered Bank;