B.A.T. Capital readies sale of guaranteed fixed-rate notes due 2032

Chicago, Oct. 17 – B.A.T. Capital Corp. is marketing a tranche of dollar-denominated fixed-rate notes due 2032, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be guaranteed by British American Tobacco plc, B.A.T. International Finance plc, B.A.T. Netherlands Finance BV and Reynolds American Inc.

Any early redemption will be with a make-whole premium until three months before the maturity date, when the notes are callable at par.

Leading as joint bookrunners on the sale are Barclays, BBVA Securities Inc., Goldman Sachs & Co. LLC, and HSBC Securities (USA) Inc.

Commerz Markets LLC joins as a bookrunner.

Citibank, NA is the trustee.

The issuer and guarantors are using as counsel Cravath, Swaine & Moore LLP, Linklaters LLP, Stibbe NV and Womble Bond Dickinson (US) LLP.

Davis Polk & Wardwell London LLP is advising the underwriters.

Proceeds will be used for general corporate purposes, including potentially repaying any existing debt.

The notes (Cusip: 05526DBX2) will be listed on the New York Stock Exchange.

British American Tobacco is a London-based international tobacco company.

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