British American Tobacco prices $3.5bn bond offering
Source - SMW
British American Tobacco said it had priced an offering of $3.5bn bond to refinance upcoming maturities, potentially redeem some of its bonds before maturity and fund general corporate purposes.
The $3.5bn bond consisted of four tranches; $1bn at 2.789% with maturity until 2024; $1bn at 3.215% due 2026; $0.5bn at 3.462% due 2029; and $1bn at 4.758% due 2049.
The issuance was expected to close on 6 September 2019, the company said.
'BAT intends to use the net proceeds of the offering of the Notes to refinance upcoming maturities, to potentially redeem prior to maturity some of the BAT Group's bonds and for general corporate purposes,' it added.