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British American Tobacco Plc (BAT) has announced a tender offer for its longer dated GBP, EUR and USD notes. The tender offer has a maximum tender amount cap of £1bn and will expire on 13 May 2024, 5pm NYC time. The company has set 26 April 2024 as the early tender deadline providing an incentive of $50 as the early tender premium. The tender offer has been launched to optimize the BAT Group’s debt capital structure by using cash to reduce gross and net debt in an efficient manner. The offer is launched for the following notes which are to be accepted in the below order of priority:
BAT’s 4% 2055s was among the top gainers rising by 2.2 points to 65.3, yielding 6.65%
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