Business
Publication of a Prospectus
British American Tobacco PLC has published a prospectus on October 28, 2025, regarding a dual tranche issue of hybrid capital securities. The offering includes a perpetual non-call 5.25 year capital security amounting to €600 million with an initial coupon of 4.200%, and a perpetual non-call 8.0 year capital security also at €600 million, carrying an initial coupon of 4.750%. These securities will be treated as equity under IFRS and receive a 50% equity credit from Moody's, Standard & Poor's, and Fitch. The proceeds will fund general corporate activities, including the repurchase of outstanding Perpetual Subordinated NC 2026 Securities via a tender offer and debt repayment. Settlement is expected on October 30, 2025, with listing on the London Stock Exchange's main market. Disclaimer*
About this update from British American Tobacco P.l.c.
[{"type":"text","content":"\n\nPublication of Prospectus\nBritish American Tobacco p.l.c. (the \"Company\") announces today that it has published a prospectus dated 28 October 2025 (the \"Prospectus\") in relation to an issue of hybrid capital securities, a financial instrument which is subordinate to all senior creditors. This dual tranche issue comprises:\n· a perpetual non-call 5.25 year capital security at €600,000,000 with an initial coupon of 4.200% (the \"NC5.25 Securities\"); and\n· a perpetual non-call 8.0 year capital security at €600,000,000 with an initial coupon of 4.750% (the \"NC8 Securities\" and together with the NC5.25 Securities, the \"Securities\").\nThe Securities will be accounted as equity in accordance with IFRS standards. The Securities will receive an equity credit of 50% from Moody's, Standard & Poor's and Fitch.\nThe net proceeds from the issuance will be used for general corporate purposes, including (i) the repurchase of the Company's outstanding Perpetual Subordinated NC 2026 Securities via a tender offer that was launched on 21 October 2025; and (ii) the repayment of debt.\nThe first call dates of the Securities are (i) any business day following 30 October 2030 to 30 January 2031 for the NC5.25 Securities; and (ii) any business day following 30 July 2033 to 30 October 2033 for the NC8 Securities. \nThe settlement is expected to take place on 30 October 2025 and each tranche of Securities will be listed on the main market of the London Stock Exchange.\nTo view the Prospectus which has been approved by the Financial Conduct Authority, please paste the following URL into the address bar of your browser.\nhttp://www.rns-pdf.londonstockexchange.com/rns/1506F_1-2025-10-28.pdf\nThe Prospectus has been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.\nEnquiries:\nMedia Centre\[email protected] | @BATplc\nInvestor Relations\nVictoria Buxton | [email protected]\n \nBritish American Tobacco p.l.c.\nGlobe House\n4 Temple Place\nLondon WC2R 2PG\n\nDISCLAIMER - INTENDED ADDRESSEES\nPlease note that the information contained in the Prospectus may be addressed to and/or targeted at persons who are residents of particular countries (specified in the Prospectus) ...