Debt Funding Sources
British American Tobacco’s core debt comprises a mix of bank facilities and bond debt, issued both off programmes and under stand-alone documentation.
The core issuance programme is a USD 16bn Euro Medium Term Note Programme which was last updated on 11 December 2012. In addition, the Group has access to the commercial paper market through its GBP 1bn Euro-Commercial Paper Programme and a USD 2bn US-Commercial Paper Programme.
The Group’s main bank facility is a syndicated GBP 2bn Committed Revolving Credit Facility, principally used for liquidity purposes. It is guaranteed by British American Tobacco p.l.c.