Barclays and HSBC coordinated the 21 banking facilities. Neil Wadey, head of the cash group at BAT, said: „I am pleased that BAT has been able to lead the transition to a post-LIBOR environment with this widely syndified $6 billion facility. This transaction, supported by our banking group, has helped to develop new agreements for the SONIA and SOFR repositories that have brought clarity and security to our relationship with the credit market. „We are proud of the work we have done to advise the loan consortium on this loan contract – another first-rate transaction for A-O. Our multidisciplinary team brought together our experienced corporate Lending team and teams who focused daily on the libOR transition in London, New York and Amsterdam. I think that the execution of this loan will pave the way for future loan agreements with several currencies, since libor will be replaced. British American Tobacco has signed $6 billion sonia and SOFR British American Tobacco p.l.c.p. (BAT) is pleased to announce that it has signed a new $6 billion revolving credit facility. The new facility will replace BAT`s existing $6 billion revolving credit facility and will be provided by a consortium of 21 banks. The Group`s main banking facility is a GBP 6 billion syndicated revolving credit facility, mainly used for liquidity purposes. It is guaranteed by British American Tobacco p.l.c. The new facility, which replaces BAT`s existing $6 billion revolving credit facility, will be provided by a consortium of 21 banks, including barclays Bank and HSBC coordinators. The documentation is based on BAT`s existing facility agreement, the free interest rate provisions are based on the LMA`s „exposure repechages” and the multi-currency SONIA and SOFR rules were developed by A-O in an interview with Barclays, HSBC, BAT (and its external legal advisor Herbert Smith Freehills) and other syndicated banks.
Allen-Overy advised a consortium of 21 lenders, including Barclays Bank PLC („Barclays”) and HSBC Bank PLC („HSBC”), on a GBP 6 billion revolving credit facility for British American Tobacco („BAT”). Barclays Bank and HSBC have acted as joint coordinators for the facility.