Imperial Brands $2.75 Billion Notes Offering

Davis Polk advised the joint bookrunners in connection with a Rule 144A/Regulation S offering by Imperial Brands Finance PLC of $2.75 billion aggregate principal amount of notes guaranteed by Imperial Brands PLC and Imperial Tobacco Limited. The offering consisted of $1 billion principal amount of 3.125% senior notes due 2024, $750 million principal amount of 3.500% senior notes due 2026 and $1 billion principal amount of 3.875% senior notes due 2029.

Headquartered in Bristol, United Kingdom, Imperial Brands is the world’s fourth-largest international tobacco company, with brands and products available in over 160 countries worldwide. Imperial Brands’ significant portfolio of brands includes Davidoff, Gauloises, JPS, West, Winston, Kool, Salem and Maverick cigarettes, Cohiba, Romeo y Julieta and Montecristo cigars and the e-cigarette brand blu.

The Davis Polk corporate team included partner Reuven B. Young and associate Maxim Van de moortel. Counsel Alon Gurfinkel and associate Omer Harel provided U.S. tax advice. Partner Jonathan Cooklin and associate Rosie Upstill provided U.K. tax advice. Counsel Will Schisa provided OFAC advice. Members of the Davis Polk team are based in the London and Washington DC offices.