British American Tobacco PLC Publication of a Prospectus (9439M)
24 September 2021 - 2:59PM
UK Regulatory
TIDMBATS
RNS Number : 9439M
British American Tobacco PLC
24 September 2021
Publication of Prospectus
As part of its focus on optimising its capital structure,
British American Tobacco p.l.c. (the "Company") announces today
that it has published a prospectus dated 24 September 2021 (the
"Prospectus") in relation to an issue of hybrid capital securities,
a financial instrument which is subordinate to all senior
creditors. This dual tranche issue comprises:
-- a perpetual non-call 5.25 year capital security at
EUR1,000,000,000 with an initial coupon of 3.000% (the "NC5.25
Securities"); and
-- a perpetual non-call 8.0 year capital security at
EUR1,000,000,000 with an initial coupon of 3.750% (the "NC8
Securities" and together with the NC5.25 Securities, the
"Securities").
The issuance allows the Company to raise incremental
euro-denominated securities (above its net investment hedge
threshold), which contributes to a more efficient alignment of
earnings and currency. It also contributes to the diversification
of the Company's sources of funding and further strengthens its
capital structure. The issuance provides the additional benefit of
supporting the deleveraging journey with the addition of a small
benefit to the credit metrics.
The Securities will be accounted as equity in accordance with
IFRS standards. The Securities will receive an equity credit of 50%
from Moody's and Standard & Poor's.
The net proceeds from the issuance will be used for general
corporate purposes, including the repayment of debt.
The first call dates of the new perpetual capital securities are
27 September 2026 for the NC5.25 Securities; and 27 June September
2029 for the NC8 Securities.
The settlement is expected to take place on 27 September 2021
and the Securities will be listed on the main market of the London
Stock Exchange.
To view the Prospectus which has been approved by the Financial
Conduct Authority, please paste the following URL into the address
bar of your browser.
http://www.rns-pdf.londonstockexchange.com/rns/9439M_1-2021-9-24.pdf
The Prospectus has been submitted to the National Storage
Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Enquiries
British American Tobacco Press Office
+44 (0)20 7845 2888 (24 hours) @BATPlc
Investor Relations
Mike Nightingale / Victoria Buxton / William Houston / John
Harney:
+44 (0)20 7845 1180 / 2012 / 1138 / 1263
British American Tobacco p.l.c.
Globe House
4 Temple Place
London WC2R 2PG
DISCLAIMER - INTENDED ADDRESSEES
Please note that the information contained in the Prospectus may
be addressed to and/or targeted at persons who are residents of
particular countries (specified in the Prospectus) only and is not
intended for use and should not be relied upon by any person
outside these countries and/or to whom the offer contained in the
Prospectus is not addressed. Prior to relying on the information
contained in the Prospectus, you must ascertain from the Prospectus
whether or not you are one of the intended addressees of the
information contained therein.
Your right to access this service is conditional upon complying
with the above requirement.
This announcement does not constitute or form part of an offer
or invitation to sell or issue, or any solicitation of an offer to
buy or subscribe for, any securities in the United States or any
other jurisdiction. No securities of the Company have been nor will
be registered under the U.S. Securities Act of 1933, as amended
(the "Securities Act"), and such securities may not be offered,
sold or delivered within the United States or to, or for the
account or benefit of, U.S. persons (as defined in Regulation S
under the Securities Act) except pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of
the Securities Act and in compliance with any applicable state
securities laws.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
PDIBDGDCDXDDGBS
(END) Dow Jones Newswires
September 24, 2021 08:59 ET (12:59 GMT)
British American Tobacco (LSE:BATS)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
British American Tobacco (LSE:BATS)
Historical Stock Chart
Von Apr 2023 bis Apr 2024