We advised the representatives of the underwriters on the notes offering

Davis Polk advised the joint bookrunners and representatives of the several underwriters in connection with the SEC-registered offering by B.A.T Capital Corporation of $750 million aggregate principal amount of its 5.300% notes due 2033 and $750 million aggregate principal amount of its 5.550% notes due 2036. B.A.T. Capital Corporation is a subsidiary of British American Tobacco p.l.c.

BAT is a leading, multi-category consumer goods business. The company’s strategic portfolio is made up of its global cigarette brands and a growing range of reduced-risk new category tobacco and nicotine products and traditional non-combustible tobacco products. These include vapor, tobacco heating products, modern oral products including tobacco-free nicotine pouches, as well as traditional oral products such as snus and moist snuff.

The Davis Polk capital markets team included partner Reuven B. Young, counsel Maxim Van de moortel and associates Annie Dulka and Linus Cathomas. Counsel John Taylor and associate Mary Valtas provided U.K. law advice. Counsel Alon Gurfinkel and associate Ya Sheng Lin provided U.S. tax advice. Partner Dominic Foulkes provided U.K. tax advice. All members of the Davis Polk team are based in the London office.

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