British American Tobacco $3.5 Billion Notes Offering

Davis Polk advised the underwriters in connection with an SEC-registered offering of $1 billion aggregate principal amount of 2.789% notes due 2024, $1 billion aggregate principal amount of 3.215% notes due 2026, $500 million aggregate principal amount of 3.462% notes due 2029 and $1 billion aggregate principal amount of 4.758% notes due 2049 by B.A.T Capital Corporation and guaranteed by British American Tobacco p.l.c., B.A.T. Netherlands Finance B.V., B.A.T. International Finance p.l.c. and Reynolds American Inc.

B.A.T Capital Corporation is a U.S. finance company of British American Tobacco p.l.c., the parent holding company of the BAT Group. The BAT Group has had a significant global presence for over 100 years and sells over 200 international and local brands in more than 200 markets around the world. The BAT Group has a significant portfolio of internationally recognized brands, including their global drive brands Dunhill, Kent, Lucky Strike, Pall Mall, Rothmans, Newport, Camel and Natural American Spirit, and other internationally recognized brands such as Vogue, Viceroy, Kool, Peter Stuyvesant, Craven A, Benson & Hedges, John Player Gold Leaf, State Express 555, Shuang Xi, Grizzly and Kodiak brands.

The Davis Polk corporate team included partner Reuven B. Young, counsel Radoslaw Michalak and associate Grecia Barboza. Counsel Alon Gurfinkel and associate Omer Harel provided U.S. tax advice. Partner Jonathan Cooklin and associates Dominic Foulkes and Rosie Upstill provided U.K. tax advice. Members of the Davis Polk team are based in the London and New York offices.