Notice of Redemption Price to the holders of B.A.T Capital Corporation
British American Tobacco p.l.c.
Incorporated in England and Wales
(Registration number: 03407696)
Short name: BATS
Share code: BTI
ISIN number: GB0002875804
("British American Tobacco p.l.c." or "the Company")
12 September 2019
British American Tobacco p.l.c.
NOTICE OF REDEMPTION PRICE
to the holders of
B.A.T CAPITAL CORPORATION
US$2,250,000,000 2.297% Notes due 2020
CUSIP Numbers: 05526DAQ8; U05526AE5; 05526DAR6
ISINs: US05526DAQ88; USU05526AE50; US05526DAR61
NOTICE IS HEREBY GIVEN of the redemption price (the “Redemption Price”) of all of the
outstanding US$2,250,000,000 2.297% Notes due 2020 (the “Notes”) issued by the Issuer,
which are to be redeemed on 16 September 2019 (the “Redemption Date”) in accordance
with the Notes. Citibank, N.A., acts as authentication agent, paying agent, transfer agent,
registrar and calculation agent under the Notes.
The Redemption Price payment will be made in accordance with paragraph 5 (Optional
Redemption) of the Notes. The Redemption Price will be equal to US$1,002.87 per US$1,000
principal amount, plus accrued and unpaid interest on the principal amount of the Notes to be
redeemed to the Redemption Date, which is equal to US$2.10558333 per US$1,000 principal
From and after the Redemption Date, the Notes will cease to bear interest, and the only right
of the registered holders of the Notes called for redemption is to receive payment of the
Redemption Price and all accrued and unpaid interest to the Redemption Date.
All conditions of the Notes remain unchanged until redemption and unless otherwise defined
in this Notice, terms used in this Notice have the meanings given to them in the Notes.
For and on behalf of
B.A.T Capital Corporation
12 September 2019
+44 (0)20 7845 2888 (24 hours) | @BATPress
Mike Nightingale / Rachael Brierley / John Harney
+44 (0)20 7845 1180 / 1519 / 1263
Forward looking statements
This announcement contains certain forward-looking statements, including “forward-looking”
statements made within the meaning of Section 21E of the United States Securities Exchange
Act of 1934. These statements are often, but not always, made through the use of words or
phrases such as “believe,” “anticipate,” “could,” “may,” “would,” “should,” “intend,” “plan,”
“potential,” “predict,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy,” “outlook”,
“target” and similar expressions. These include statements regarding our intentions, beliefs or
current expectations concerning, amongst other things, our results of operations, financial
condition, liquidity, prospects, growth, strategies and the economic and business
circumstances occurring from time to time in the countries and markets in which the Group
All such forward-looking statements involve estimates and assumptions that are subject to
risks, uncertainties and other factors that could cause actual future financial condition,
performance and results to differ materially from the plans, goals, expectations and results
expressed in the forward-looking statements and other financial and/or statistical data within
this announcement. Among the key factors that could cause actual results to differ materially
from those projected in the forward-looking statements are uncertainties related to the
following: the impact of competition from illicit trade; the impact of adverse domestic or
international legislation and regulation; changes in domestic or international tax laws and
rates; adverse litigation and dispute outcomes and the effect of such outcomes on the
Group’s financial condition; changes or differences in domestic or international economic or
political conditions; adverse decisions by domestic or international regulatory bodies; the
impact of market size reduction and consumer down-trading; translational and transactional
foreign exchange rate exposure; the impact of serious injury, illness or death in the
workplace; the ability to maintain credit ratings and to fund the business under the current
capital structure; the inability to develop, commercialise and roll-out Potentially Reduced-Risk
Products; and changes in the market position, businesses, financial condition, results of
operations or prospects of the Group.
It is believed that the expectations reflected in this announcement are reasonable but they
may be affected by a wide range of variables that could cause actual results to differ
materially from those currently anticipated. Past performance is no guide to future
performance and persons needing advice should consult an independent financial adviser.
The forward-looking statements reflect knowledge and information available at the date of
preparation of this announcement and the Group undertakes no obligation to update or revise
these forward-looking statements, whether as a result of new information, future events or
otherwise. Readers are cautioned not to place undue reliance on such forward-looking
No statement in this communication is intended to be a profit forecast and no statement in this
communication should be interpreted to mean that earnings per share of BAT for the current
or future financial years would necessarily match or exceed the historical published earnings
per share of BAT.
Additional information concerning these and other factors can be found in the Company’s
filings with the U.S. Securities and Exchange Commission (“SEC”), including the Annual
Report on Form 20-F filed on 15 March 2019 and Current Reports on Form 6-K, which may
be obtained free of charge at the SEC’s website, http://www.sec.gov, and the Company’s
Annual Reports, which may be obtained free of charge from the British American Tobacco
Sponsor: UBS South Africa (Pty) Ltd
Date: 12/09/2019 08:30:00
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