B.A.T Capital Corporation’s $5 Billion Registered Notes Offering and Concurrent $2.9 Billion Cash Tender Offer

Cravath represented B.A.T Capital Corporation and B.A.T. International Finance p.l.c. in connection with its $5 billion registered notes offering. B.A.T Capital Corporation and B.A.T. International Finance p.l.c. are subsidiaries of British American Tobacco, a producer and seller of tobacco products. Cravath also represented B.A.T Capital Corporation, B.A.T. International Finance p.l.c. and Reynolds American Inc. in connection with its concurrent $2.9 billion cash tender offer. The registered notes offering closed on August 2, 2023 and the cash tender offer expired on August 28, 2023.

The Cravath team included partner Alyssa K. Caples, European counsel Roberto Bruno and associates Maurice Temming, Mayssa Khattar and Maximilian T. Zobel on capital markets matters, partner Arvind Ravichandran and associate Emily R. Eskin on tax matters, and partner Matthew J. Bobby and associate Bianca Hsing on executive compensation and benefits matters.