British American Tobacco has issued $4.5 billion in notes.
The issue was made up of $750 million 1.85% notes due 2018, $1.25 2.75% notes due 2020, $500 million 3.5% notes due 2022, $1.15 billion 3.95% notes due 2025 and $500 million floating-rate notes due 2018.
The notes were guaranteed by British American Tobacco, BAT holdings, and BAT Netherlands Finance.