Here are the 424B prospectus supplements from British American Tobacco p.l.c. (BTI) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow BTI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BTI filings page.
B.A.T Capital Corporation is issuing $1.5 billion of senior unsecured notes in two tranches: $750 million 5.300% Notes due 2033 and $750 million 5.550% Notes due 2036. The notes are fully and unconditionally guaranteed on a senior, unsecured, joint and several basis by British American Tobacco p.l.c., B.A.T. International Finance p.l.c., B.A.T. Netherlands Finance B.V. and, subject to release provisions, Reynolds American Inc.
Interest is payable semi-annually on February 5 and August 5, starting February 5, 2027. Before specified Par Call Dates, the issuer may redeem the notes at the greater of par or a Treasury Rate make-whole amount plus 15 basis points; after those dates, the notes are redeemable at 100% of principal plus accrued interest. The issuer estimates net proceeds of about $1.49 billion (before expenses), to be used for general corporate purposes, including potential repayment of existing indebtedness. Application will be made to list both series on the NYSE, and the notes may be reopened for further issuance.
B.A.T Capital Corporation is offering two tranches of senior unsecured notes due 2033 and 2036, to be issued under its Form F-3 shelf and fully and unconditionally guaranteed on a senior, unsecured, joint and several basis by British American Tobacco p.l.c., B.A.T. International Finance p.l.c., B.A.T. Netherlands Finance B.V. and Reynolds American Inc., subject to release provisions for certain subsidiary guarantors. The notes pay fixed interest semi-annually and are issued in minimum denominations of $2,000 and integral multiples of $1,000.
The notes rank pari passu with other senior unsecured obligations of the issuer and guarantors but are structurally subordinated to liabilities of non-guarantor subsidiaries. The issuer may redeem each series before its stated maturity, including make-whole redemptions prior to an applicable Par Call Date based on a Treasury Rate formula with a series-specific spread, and at par plus accrued interest on or after the Par Call Date. Redemption is also permitted if certain tax law changes trigger obligations to pay Additional Amounts.
The company estimates net proceeds from the offering and intends to use them for general corporate purposes, including potential repayment of existing indebtedness. It plans to apply to list each series on the NYSE, though listing is not assured. Risks highlighted include FX and exchange-control impacts on U.S. dollar payments, reliance on clearing systems for book-entry holdings, and the broader BAT Group risk factors incorporated by reference.