British American Tobacco (BTI) Company Report

British American Tobacco (BAT) plans to sell between 7% and its entire 15.3% stake in ITC Hotels via an accelerated bookbuild process.
The primary goal of this sale is to optimize pricing and support BAT's financial objective of reaching a 2-2.5x adjusted net debt/adjusted EBITDA leverage ratio by the end of 2026.
Proceeds from the sale will be used to delever BAT's balance sheet, following a previous $1.5 billion stake sale in ITC Ltd in May 2025.
The floor price for the block deal of ITC Hotels shares is set at ₹205.65 per share, representing a discount of approximately 1% to the last closing price, and includes a 60-day lock-in period for the sellers.

3 days ago

Morningstar

British American Tobacco p.l.c. announces share buyback program

BTI

Share Buyback

British American Tobacco p.l.c. has entered into an agreement with Goldman Sachs International (GS) to purchase its ordinary shares as part of a share buyback program.
The share buyback program commenced on October 16, 2025, and is scheduled to conclude on December 23, 2025.
The primary purpose of the program is to reduce the Company's share capital, with all repurchased shares slated for cancellation.
The maximum number of shares authorized for purchase under this program, as approved by shareholders at the 2025 AGM, is 220,451,469 Shares.

Nov 3, 2025, 4:32 PM

6-K

British American Tobacco p.l.c. receives notification of change in major holdings

BTI

Spring Mountain Investments Ltd, controlled by Kenneth Bryan Dart, notified British American Tobacco p.l.c. of a change in its major holdings.
The notification, dated October 10, 2025, was triggered by an acquisition or disposal of voting rights, with the threshold crossed on October 8, 2025.
As a result, Spring Mountain Investments Ltd's total voting rights in British American Tobacco p.l.c. decreased from 4.979750% to 3.950733%.

Oct 14, 2025, 12:03 PM

6-K

British American Tobacco Announces Share Buyback Programme

BTI

Share Buyback

British American Tobacco p.l.c. (BTI) announced a Share Buyback Programme.
The company has entered into an agreement with Goldman Sachs International (GS) to purchase ordinary shares between October 16, 2025, and December 23, 2025.
The purpose of the Programme is to reduce the share capital of the Company, with repurchased shares to be cancelled.
The maximum number of Shares permitted to be purchased under the Programme, based on the authority granted at the Company's 2025 AGM, is 220,451,469 Shares.

Oct 9, 2025, 11:32 AM

6-K

BAT Survey Highlights Misconceptions on Nicotine Risks Among Policy Experts

BTI

New Projects/Investments

Guidance Update

A multi-market survey conducted in 2024 and 2025 revealed that 70% of policy experts incorrectly identify nicotine as the primary cause of smoking-related diseases, despite growing scientific consensus to the contrary.
The survey also found that while 50% of healthcare professionals discuss smokeless alternatives weekly, only 21% feel adequately informed to recommend them.
British American Tobacco (BAT) aims to reach 50 million adult consumers of smokeless products by 2030 and generate 50% of its revenue from these products by 2035.
In 2024, BAT's new category revenue was £3.4 billion, with 30.5 million current consumers.

Oct 5, 2025, 10:42 PM

Press Release

BAT Announces Survey Findings on Nicotine Misperception and Strategic Progress

BTI

Earnings

Guidance Update

New Projects/Investments

A multi-market survey commissioned by BAT in 2024 and 2025 found that 70% of policy experts continue to misidentify nicotine as the primary cause of smoking-related disease, and 65% support stricter regulation for smokeless products, which conflicts with Tobacco Harm Reduction (THR) goals.
The survey also highlighted that while 50% of medical professionals discuss smokeless alternatives weekly, only 21% feel informed enough to recommend them, indicating a need for better scientific communication.
BAT remains committed to Tobacco Harm Reduction, with a goal to achieve 50 million adult consumers of smokeless products by 2030 and generate 50% of its revenue from these products by 2035.
In 2024, the company generated revenue of £25.9bn and adjusted profit from operations of £11.9bn, with new category revenues reaching £3.4bn.

Oct 5, 2025, 11:00 AM

Press Release

British American Tobacco Subsidiary Issues $750 Million in Notes

BTI

Debt Issuance

B.A.T Capital Corporation, a subsidiary of British American Tobacco p.l.c., is issuing $750,000,000 in 4.625% Notes due 2033.
These notes are fully and unconditionally guaranteed on a senior unsecured basis by British American Tobacco p.l.c. and other entities.
The notes have a maturity date of March 22, 2033, and an annual interest rate of 4.625%, with semi-annual interest payments commencing March 22, 2026.
The notes were priced to the public at 99.487%, resulting in net proceeds to the issuer of $743,527,500 before expenses.
The expected settlement date for the notes is September 22, 2025.

Sep 22, 2025, 4:53 PM

6-K

British American Tobacco Announces Pricing of Notes Offering

BTI

Debt Issuance

British American Tobacco p.l.c. (BAT) announced that its wholly owned subsidiary, B.A.T Capital Corporation, has priced an offering of $750,000,000 aggregate principal amount of 4.625% Notes due 2033.
The Notes will be fully and unconditionally guaranteed on a senior and unsecured basis by BAT and its subsidiaries, B.A.T. International Finance p.l.c., B.A.T. Netherlands Finance B.V., and Reynolds American Inc..
The issuance of the Notes is expected to close on September 22, 2025.
BAT intends to use the net proceeds from this offering for general corporate purposes, including the potential repayment of existing indebtedness.

Sep 19, 2025, 2:14 PM

6-K

British American Tobacco p.l.c. Announces Debt Issuance Details

BTI

Debt Issuance

British American Tobacco p.l.c. filed a Form 6-K on March 13, 2025, outlining key details of a debt issuance, including the incorporation of supplemental indentures into its Base Indenture, which are referenced in related registration documents.
The filing details a significant underwriting agreement for three series of debt securities: 5.350% Notes due 2032, 5.625% Notes due 2035, and 6.250% Notes due 2055, with specific principal amounts and corresponding underwriting arrangements.
The document also covers legal opinions and disclosures from multiple counsels, confirming that the transactions are executed under established regulatory frameworks and with various guarantors, including Reynolds American Inc..

Mar 13, 2025, 12:00 AM

6-K

British American Tobacco Announces $2.5bn Notes Offering

BTI

Debt Issuance

BAT's 6-K filing includes materials published as of March 12, 2025, which feature a press release on the pricing of a $2,500,000,000 Notes Offering.
The offering comprises three tranches: $1,000,000,000 5.350% Notes due 2032, $1,000,000,000 5.625% Notes due 2035, and $500,000,000 6.250% Notes due 2055.
The report confirms that these details have been officially disseminated by British American Tobacco p.l.c. as part of its regular SEC filings.