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British American Tobacco Plc- Tender Offer 2024 (XS/US) - Launch (Update)

British American Tobacco Announces £1 bn in Cash Capped Debt Tender Offer

15 APRIL 2024


Full announcement including full disclosures and disclaimers available via Lonse 

Please scroll below for information on previous Offers related to this Issuer


London, United Kingdom; April 15, 2024 - British American Tobacco p.l.c. ("BAT") announces today that B.A.T Capital Corporation, a corporation incorporated in the State of Delaware ("BATCAP") and B.A.T. International Finance p.l.c., a public limited company incorporated under the laws of England and Wales ("BATIF" and, together with BATCAP, the "Offerors"), wholly owned subsidiaries of BAT, have commenced debt tender offers to purchase (the "Tender Offers") for cash in concurrently commenced but separate offers (each, an "Offer" and, collectively, the "Offers") the outstanding notes of the series described in the table below (the "Securities") for an aggregate purchase price (excluding Accrued Interest (as defined in the Offer to Purchase)) for all Offerors and all series of Securities of up to £1 billion in cash (as such amount may be increased or decreased) (the "Maximum Tender Amount")(1).




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British American Tobacco Announces £1 bn in Cash Capped Debt Tender Offer

15 APRIL 2024


Full announcement including full disclosures and disclaimers available via Lonse 

Please scroll below for information on previous Offers related to this Issuer



*** MORE INFORMATION TO FOLLOW SOON. PLEASE VISIT THE LONDON STOCK EXCHANGE FOR INFORMATION**


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British American Tobacco Announces Pricing of Its Previously Announced Capped Debt Tender Offers


14 JULY 2023


Full announcement including full disclosures and disclaimers available via Lonse


"London, United Kingdom; August 14, 2023 - British American Tobacco p.l.c. ("BAT") announces today the pricing of the previously announced capped debt tender offers (the "Tender Offers") to purchase the debt securities listed in the table below (collectively, the "Securities") by B.A.T Capital Corporation, a corporation incorporated in the State of Delaware ("BATCAP"), Reynolds American Inc., a corporation incorporated in the State of North Carolina ("RAI") and B.A.T. International Finance p.l.c., a public limited company incorporated under the laws of England and Wales ("BATIF" and, together with BATCAP and RAI, the "Offerors"), wholly owned subsidiaries of BAT.


As of 5:00 p.m., New York City time, on August 11, 2023 (the "Early Tender Deadline"), as reported by Global Bondholder Services Corporation, the tender and information agent for the Tender Offers, the principal amounts of the Securities listed in the table below had been validly tendered and not validly withdrawn.


The following table sets forth certain pricing information for the Tender Offers, including the Total Consideration determined based on yields of the applicable Reference Securities at 10:00 a.m., New York City time, today: "



(1) The purchase price for Dollar Securities, Sterling Securities and Euro Securities will be paid in U.S. Dollars, Sterling and Euro, respectively. To determine whether the applicable Pool Maximum Tender Amount has been reached, we converted the applicable Aggregate Purchase Price payable with respect to the Sterling Securities and Euro Securities validly tendered into U.S. Dollars using the exchange rates of £1=$1.27035 and €1=$1.09620, respectively, as reported at 10:00 a.m., New York City time, on August 11, 2023, on the Bloomberg screen page "BFIX" under the heading "GBPUSD" and "EURUSD", respectively. The sum of the Pool Maximum Tender Amounts represent the combined maximum Aggregate Purchase Price payable (excluding Accrued Interest) for the relevant series of Securities within the relevant Pool.

(2) Per $1,000, £1,000 or €1,000, as applicable, principal amount of Securities validly tendered at or prior to the Early Tender Deadline and accepted for purchase.

(3) For the avoidance of doubt, the Early Tender Premium is included within the Total Consideration (which, in the case of all Securities, was calculated using the Fixed Spread over the relevant Reference Yield as described herein), and is not in addition to the Total Consideration. In addition, Holders whose Securities are accepted for purchase will also receive Accrued Interest on such Securities.

(4) Each Sub-Cap, as set out in Table I above, represents the maximum aggregate principal amount of Securities that shall be purchased by the applicable Offeror, subject to the applicable Pool Maximum Tender Amount.


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British American Tobacco Announces Early Results of Its Previously Announced Capped Debt Tender Offers and Increase of the 2027 BATCAP Notes Sub-Cap and Pool Maximum Tender Amounts


14 JULY 2023


Full announcement including full disclosures and disclaimers available via Lonse


"British American Tobacco Announces Early Results of Its Previously Announced Capped Debt Tender Offers and Increase of the 2027 BATCAP Notes Sub-Cap and Pool Maximum Tender Amounts


London, United Kingdom; August 14, 2023 - British American Tobacco p.l.c. ("BAT") announces today the early results of the previously announced capped debt tender offers (the "Tender Offers") to purchase the debt securities listed in the table below (collectively, the "Securities") by B.A.T Capital Corporation, a corporation incorporated in the State of Delaware ("BATCAP"), Reynolds American Inc., a corporation incorporated in the State of North Carolina ("RAI") and B.A.T. International Finance p.l.c., a public limited company incorporated under the laws of England and Wales ("BATIF" and, together with BATCAP and RAI, the "Offerors"), wholly owned subsidiaries of BAT.


In addition, the Offerors are increasing the maximum combined Aggregate Purchase Price (excluding accrued and unpaid interest) in the Tender Offers..."


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British American Tobacco Announces $2.9bn Capped Debt Tender Offer


31 JULY 2023


Full announcement including full disclosures and disclaimers available via SEC


"London, United Kingdom; July 31, 2023 - British American Tobacco p.l.c. (“BAT”) announces today that B.A.T Capital Corporation, a corporation incorporated in the State of Delaware (“BATCAP”), Reynolds American Inc., a corporation incorporated in the State of North Carolina (“RAI”) and B.A.T. International Finance p.l.c., a public limited company incorporated under the laws of England and Wales (“BATIF” and, together with BATCAP and RAI, the “Offerors”), wholly owned subsidiaries of BAT, have commenced debt tender offers to purchase (the “Tender Offers”) for cash in concurrently commenced but separate offers (each, an “Offer” and, collectively, the “Offers”) the outstanding notes of the series described in the table below (the “Securities”) in four separate pools (each, a “Pool” and, together, the “Pools”) for an Aggregate Purchase Price (as defined in the Offer to Purchase) (excluding Accrued Interest (as defined in the Offer to Purchase)) for (i) both Offerors and all series of Securities within Pool 1 of up to $635,000,000, (ii) all Offerors and all series of Securities within Pool 2 of up to $750,000,000, (iii) both Offerors and both series of Securities within Pool 3 of up to $365,000,000 and (iv) both Offerors and both series of Securities within Pool 4 of up to $1,150,000,000, in each case based on the respective order of priority (the “Acceptance Priority Level”) for such series within such Pool, as set forth in the table below. The Offers are subject to the relevant Pool Maximum Tender Amounts (as such amount may be increased or decreased) (as set out in the tables below) and subject to any relevant Sub-Cap (as set out in the table below)."


(1)

To determine whether the applicable Pool Maximum Tender Amount has been reached, where required, we will convert the applicable Aggregate Purchase Price payable with respect to the Securities validly tendered into U.S. Dollars using the applicable exchange rate described in the Offer to Purchase under “The Terms of the Offers—Pool Maximum Tender Amounts; Sub-Caps; Acceptance Priority Levels and Proration.” Pool Maximum Tender Amounts represent the maximum Aggregate Purchase Price payable (excluding Accrued Interest) for the relevant series of Securities within the relevant Pool. Pool Maximum Tender Amounts and Sub-Caps may be increased or decreased.

(2)

Per $1,000, £1,000 or €1,000, as applicable, principal amount of Securities validly tendered at or prior to the Early Tender Deadline and accepted for purchase.

(3)

For the avoidance of doubt, the Early Tender Premium is included within the Total Consideration (which, in the case of all Securities, will be calculated using the Fixed Spread over the relevant Reference Yield as described herein), and is not in addition to the Total Consideration. In addition, Holders whose Securities are accepted for purchase will also receive Accrued Interest on such Securities.

(4)

Each Sub-Cap, as set out in the table above, represents the maximum aggregate principal amount of Securities that shall be purchased by the applicable Offeror (as set forth below), subject to the applicable Pool Maximum Tender Amount. Pool Maximum Tender Amounts and Sub-Caps may be increased or decreased.

(5)Pricing Source: BGN.


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