BAT sells bonds to fund Reynolds buy

New Straits Times - - Business -

Bri­tish Amer­i­can To­bacco Plc sold the sec­ond­largest bond deal of the year to fi­nance its pur­chase of the por­tion of Reynolds Amer­i­can Inc that it didn’t al­ready own. BAT sold US$17.25 bil­lion (RM73.9 bil­lion) of dol­lar-de­nom­i­nated debt in eight parts. That’s down from ini­tial talk be­tween 1.8 and 1.85 per­cent­age points,said a source. The pro­ceeds will help fi­nance BAT’s £42 bil­lion (RM233 bil­lion) pur­chase of the re­main­ing shares of Reynolds, a deal that will pro­pel BAT to the top po­si­tion in to­bacco-re­lated prod­ucts glob­ally.

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