BAT Prices Two-Part Euro, Sterling Bond Issue

25th Jun 2010 14:58

LONDON (Dow Jones)--British American Tobacco (BATS.LN) has priced its two-part, euro- and sterling-denominated bond issue, one of the banks running the sale said Friday. The EUR600 million, 10-year bond priced at 115 basis points over midswaps, while the GBP275 million, 30-year bond priced at 155 basis points over gilts, with BNP Paribas SA, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co. and Lloyds TSB Bank PLC as lead managers. Terms on the euro bond are as follows: Amount: EUR600 million Maturity: July 7, 2020 Coupon: 4% Reoffer Price: 99.434 Payment Date: July 7, 2010 Spread: 115 basis points over midswaps Terms on the sterling bond are as follows: Amount: GBP275 million Maturity: July 5, 2020 Coupon: 5.75% Reoffer Price: 98.599 Payment Date: July 5, 2010 Spread: 155 basis points over the 4.75% 2038 gilt Common terms are as follows: Debt Ratings: Baa1 (Moody's) BBB+ (Standard & Poor's) Denominations: EUR50,000 and EUR1,000 thereafter Listing: London Interest: Annual The bonds are being sold under the borrower's Euro medium-term-note program. -By Art Patnaude, Dow Jones Newswires; +44 (0) 207 842 9259; [email protected] (END) Dow Jones Newswires June 25, 2010 09:58 ET (13:58 GMT)