Business Context and Reporting Period
This Form 6-K filing by British American Tobacco P.L.C. is dated September 25, 2020. The report serves to disclose the execution of specific debt financing agreements and related legal instruments rather than providing operational or financial performance results for a specific reporting period.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, or liquidity metrics. The document focuses exclusively on the terms of new debt issuances and the appointment of underwriters and trustees.
Material Changes and Debt Issuance
The primary material event disclosed is the execution of underwriting agreements and indentures on September 22 and September 25, 2020. Key details include:
- Issuers: B.A.T Capital Corporation and B.A.T. International Finance p.l.c.
- Underwriters: BofA Securities, Deutsche Bank Securities, Goldman Sachs, NatWest Markets, SG Americas, and Wells Fargo Securities.
- Trustee: Citibank, N.A. was appointed as trustee, authentication agent, transfer agent, registrar, calculation agent, and initial paying agent.
- Legal Instruments: The filing includes multiple supplemental indentures (Nos. 8, 9, 10, 11 for B.A.T Capital Corporation; No. 1 for B.A.T. International Finance p.l.c.) and legal opinions from Cravath, Swaine & Moore LLP, Linklaters LLP, Stibbe N.V., and Womble Bond Dickinson (US) LLP.
Guidance, Outlook, and Risks
The filing text does not provide management commentary, financial guidance, or specific risk factors related to business operations. The document notes that the information is incorporated by reference into the Company's Form F-3 Registration Statement (File No. 333-232691) and related Prospectus Supplements.
Investor Verification Checklist
- Verify the specific principal amounts, interest rates, and maturity dates of the debt securities issued under the September 2020 underwriting agreements, as these figures are not listed in this summary text.
- Review the full Form F-3 Registration Statement (File No. 333-232691) for detailed terms of the offering and use of proceeds.
- Confirm the impact of these new debt instruments on the company's total leverage and liquidity position.
- Examine the legal opinions (Exhibits 5.1-5.4) for any material conditions or covenants attached to the new debt.