British American Tobacco $4.5 billion notes issue

Overview:

• British American Tobacco has issued $4.5 billion in notes.
• The issue was made up of $750 million 1.85% notes due 2018, $1.25 2.75% notes due 2020, $500 million 3.5% notes due 2022, $1.15 billion 3.95% notes due 2025 and $500 million floating-rate notes due 2018.
• The notes were guaranteed by British American Tobacco, BAT holdings, and BAT Netherlands Finance. 
• The funds raised will be used in part to finance the $47 billion bid for Reynolds American.

Rani Mehta - Journalist