Reynolds American to redeem, buy back 7¼% notes via offer proceeds

By Ashley Montgomery

Kansas City, Kan. Oct. 24 - Reynolds American Inc. plans to use the proceeds from its offering of senior notes to redeem or repurchase its $625 million of 7¼% notes due June 1, 2013, according to a notice.

Proceeds will also be used to repay $550 million of borrowings under the company's term loan, to repurchase common stock and for general corporate purposes.

Reynolds American is a Winston-Salem, N.C.-based manufacturer and seller of cigarettes and other tobacco products.

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