British American Tobacco plc has announced a debt tender offer to purchase outstanding notes for an aggregate purchase price of up to 1 billion in cash. The offer is being made by B.A.T Capital Corporation and B.A.T. International Finance p.l.c., wholly owned subsidiaries of BAT. The tender offers will expire on May 13, 2024, and the applicable Total Consideration or Tender Offer Consideration to be paid for each series of Securities accepted for purchase will be determined at 10:00 a.m., New York City time, on the business day following the Early Tender Deadline, which is expected to be April 29, 2024.

The Tender Offers are being made upon and are subject to the terms and conditions set forth in the Offer to Purchase, dated April 15, 2024. The amount of each series of Securities that is purchased will be determined in accordance with the acceptance priority levels specified in the table provided in the announcement, subject to the Maximum Tender Amount. Holders of Securities who validly tender and not withdraw their Securities at or prior to 5:00 p.m., New York City time, on April 26, 2024, and whose Securities are accepted for purchase will receive the applicable Total Consideration, which includes the applicable early tender premium.

The announcement provides detailed information about the different series of Securities, their principal amount outstanding, CUSIP/ISIN, acceptance priority level, early tender premium, reference security/rate, Bloomberg reference page/screen, fixed spread, and total consideration. The applicable Total Consideration or Tender Offer Consideration to be paid for the Securities will be determined in the manner described in the Offer to Purchase by reference to the sum of the applicable fixed spread and the applicable reference yield of the applicable Reference Security or the 2045 Notes Interpolated Mid-Swap Rate, each as specified in the table provided in the announcement.

The announcement also outlines the process for determining the Maximum Tender Amount, the Price Determination Date, and the withdrawal of tenders of Securities. The announcement concludes by stating that the Tender Offers are being made upon and are subject to the terms and conditions set forth in the Offer to Purchase, dated April 15, 2024. Terms not defined in the announcement have the meanings given to them in the Offer to Purchase.