Tobacco giant sets bond price

Adam Hignett
BRITISH American Tobacco said it had successfully priced around $4.5bn (£2.9bn) of dollar-denominated notes in a bond issuance, set to run until 15 June, it confirmed yesterday.

The company said it would use the net proceeds of the offering to indirectly finance the subscription for additional ordinary shares in Reynolds American after its acquisition of the firm as well as for general corporate purposes such as debt repayment.