British American Tobacco plc has announced the pricing of $1,700,000,000 aggregate principal amount of guaranteed debt securities. The offering consists of $850,000,000 5.834% Notes due 2031 and $850,000,000 6.000% Notes due 2034. The Notes will be fully and unconditionally guaranteed on a senior and unsecured basis by BAT, BATIF, BATNF, and RAI. The net proceeds will be used for general corporate purposes, including the potential repayment of existing indebtedness.

The issuance of the Notes is expected to close on February 20, 2024, subject to customary closing conditions. The offering will be made under BAT's existing effective shelf registration statement on file with the U.S. Securities and Exchange Commission. Barclays Capital Inc., HSBC Securities (USA) Inc., Mizuho Securities USA LLC, Santander US Capital Markets, and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering.

BAT is a leading, multi-category consumer goods business with a purpose to build A Better Tomorrow by reducing the health impact of its business through offering a greater choice of enjoyable and less risky products for adult consumers. The company's Strategic Portfolio includes global cigarette brands and a growing range of reduced-risk New Category tobacco and nicotine products. BAT encourages those who would otherwise continue to smoke to switch completely to scientifically-substantiated, reduced-risk alternatives.

The announcement contains forward-looking statements, including those related to the offering of the Notes. These statements involve estimates and assumptions subject to risks, uncertainties, and other factors. The forward-looking statements should be read in conjunction with the other cautionary statements included in BAT's filings with the SEC, including BAT's 2023 Annual Report on Form 20-F and other reports furnished on Form 6-K.