Commentary & Deal Flow

BAT Capital Corp (BATSLN) exp Baa1/BBB+/BBB+ US$750m SEC registered long 7y global sr notes due 3/22/33. MWC then 2mos par call. Barc (B&D)/BBVA/Lloyds/Sant joint active books. Passive: BoC/Commerz/SMBC. Guarantors: British American Tobacco p.l.c., B.A.T. International Finance p.l.c., B.A.T. Netherlands Finance B.V., Reynolds American Inc. Parent Guarantor Ratings: Baa1 (stable) / BBB+ (stable) / BBB+ (stable). First Pay: 3/22/26. Day Count: 30/360. Denoms: $2k x $1k. Governing Law: State of New York. Listing: NYSE. Sale into Canada: Yes, via exemption. UOP: General corporate purposes, including the potential repayment of existing indebtedness. Pricing 9/18. Settle 9/22 (T+2). CUSIP: 054989AF5. ISIN: US054989AF54.

IPTs: T+115 area.
LAUNCHED: $750m L7y at T+85.

PRICED: $750m 4.625% 3/22/33 99.487 4.707% T+85. MW+15.