Herbert Smith has advised long-standing client British American Tob…

Herbert Smith has advised long-standing client British American Tobacco (BAT) on a £1.5 billion global revolving credit facility.

The facility included a 364-day and five-year tranche, and incorporated both a US dollar swingline facility and, unusually, an Australian dollar swingline facility to be used by BAT’s Australian subsidiary. The financing was signed on Friday 5 March.

The finance team was led by partner Clive Barnard and senior assistant Simon Chadney, with assistance from Stephen Gogerley.

On the following Monday, 8 March, the same team, assisted by Susanna Tatulian, also completed a £310 million revolving credit, guarantee and bonding facility for First Choice plc to refinance its existing corporate facilities and bonding lines.

Clive Barnard, head of Herbert Smith’s finance division, commented:

“We are delighted to have advised two such long-standing clients on what are benchmark medium term financing transactions for them both. We have an excellent relationship with the strong treasury teams at both clients which made the transactions run smoothly.”

Allen & Overy advised both the lead arrangers on the First Choice deal and HSBC, as the agent, on the BAT deal.

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