UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 10, 2015
REYNOLDS AMERICAN INC.
(Exact Name of Registrant as Specified in Charter)
|
|
|
|
|
North Carolina |
|
1-32258 |
|
20-0546644 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
401 North Main Street
Winston-Salem, North Carolina 27101
(Address of Principal Executive Offices) (Zip Code)
Registrants telephone number, including area code 336-741-2000
Not Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
On July 13, 2015, Reynolds American Inc. (RAI)
issued a press release announcing the expiration and final results, as of 5:00 p.m., New York City time, on July 10, 2015, of its previously announced private offers (the Exchange Offers) to issue its new senior notes (the
RAI Notes) in exchange for any and all (to the extent held by eligible holders) of the $3.5 billion aggregate principal amount of the outstanding senior notes originally issued by Lorillard Tobacco Company (the Lorillard
Tobacco Notes), and of its related solicitation of consents from the eligible holders of the Lorillard Tobacco Notes to amend the indenture governing such notes (the Consent Solicitations). RAI also announced that the
settlement of the Exchange Offers is expected to occur on Wednesday, July 15, 2015. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Neither the press release filed herewith nor this Current Report on Form 8-K is an offer to sell or the solicitation of an offer to buy the
RAI Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. The Exchange Offers have not been and will not be
registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction. The Exchange Offers and Consent Solicitations have expired, and are no longer open to participation by any holders of Lorillard Tobacco Notes.
Item 9.01. |
Financial Statements and Exhibits. |
|
|
|
Exhibit No. |
|
Description |
|
|
99.1 |
|
Press Release issued on July 13, 2015 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
Date: July 13, 2015
|
|
|
REYNOLDS AMERICAN INC. |
|
|
By: |
|
/s/ McDara P. Folan, III |
Name: |
|
McDara P. Folan, III |
Title: |
|
Senior Vice President, Deputy General Counsel and Secretary |
EXHIBIT INDEX
|
|
|
Exhibit No. |
|
Description |
|
|
99.1 |
|
Press Release issued on July 13, 2015 |
Exhibit 99.1
|
|
|
|
|
|
|
|
|
|
Reynolds American Inc. |
|
|
P.O. Box 2990 |
|
|
Winston-Salem, NC 27102-2990 |
|
|
|
|
|
|
|
|
|
|
|
Contact: |
|
Investor Relations: |
|
Morris Moore |
|
Media: |
|
David Howard |
|
RAI 2015-17 |
|
|
|
|
(336) 741-3116 |
|
|
|
(336) 741-3489 |
|
|
Reynolds American Inc. Announces Expiration and Final Results of Private Exchange Offers for Lorillard
Tobacco Notes
WINSTON-SALEM, N.C. July 13, 2015: Reynolds American Inc. (NYSE: RAI) announced today the expiration and final
results of its previously announced private offers to exchange (the Exchange Offers) any and all (to the extent held by eligible holders) of the $3.5 billion aggregate principal amount of the outstanding senior notes (the Lorillard
Tobacco Notes) originally issued by Lorillard Tobacco Company (Lorillard Tobacco) for newly issued notes of RAI (the RAI Notes) and related solicitation of consents (the Consent Solicitations) to certain
amendments to the indenture (the Indenture Amendments) governing the Lorillard Tobacco Notes (as supplemented, the Lorillard Tobacco Indenture).
The Exchange Offers and Consent Solicitations expired at 5:00 p.m., New York City time, on Friday, July 10, 2015 (the Expiration Date). As of
the Expiration Date, the following principal amounts of each series of Lorillard Tobacco Notes had been validly tendered and not validly withdrawn (and consents thereby validly given and not validly revoked):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Outstanding Principal Amount |
|
|
Series of Lorillard
Tobacco Notes |
|
Lorillard Tobacco Notes Tendered By Expiration Date |
|
CUSIP |
|
|
|
Principal Amount |
|
|
Percentage |
|
544152AD3 |
|
$ |
500,000,000 |
|
|
3.500% Senior Notes due 2016 |
|
$ |
414,793,000 |
|
|
|
82.96 |
% |
544152AF8 |
|
$ |
500,000,000 |
|
|
2.300% Senior Notes due 2017 |
|
$ |
447,092,000 |
|
|
|
89.42 |
% |
544152AA9 |
|
$ |
750,000,000 |
|
|
8.125% Senior Notes due 2019 |
|
$ |
668,689,000 |
|
|
|
89.16 |
% |
544152AB7 |
|
$ |
750,000,000 |
|
|
6.875% Senior Notes due 2020 |
|
$ |
641,462,000 |
|
|
|
85.53 |
% |
544152AG6 |
|
$ |
500,000,000 |
|
|
3.750% Senior Notes due 2023 |
|
$ |
473,689,000 |
|
|
|
94.74 |
% |
544152AC5 |
|
$ |
250,000,000 |
|
|
8.125% Senior Notes due 2040 |
|
$ |
236,748,000 |
|
|
|
94.70 |
% |
544152AE1 |
|
$ |
250,000,000 |
|
|
7.000% Senior Notes due 2041 |
|
$ |
240,197,000 |
|
|
|
96.08 |
% |
RAI will accept all of the Lorillard Tobacco Notes validly tendered and not validly withdrawn as of the Expiration Date.
Settlement of the Exchange Offers is expected to occur on Wednesday, July 15, 2015. Upon settlement of the Exchange Offers, RAI will issue the RAI Notes, each of which series will have interest provisions, maturity dates and interest payment
dates identical to the corresponding series of Lorillard Tobacco Notes, and will pay the cash amounts due, in each case pursuant to the terms and conditions set forth in the Offer to Exchange and Consent Solicitation Statement, dated June 11,
2015 (the Offer to Exchange), and the related consent and letter of transmittal (collectively, the Exchange Offer Documents).
As
previously reported, on June 12, 2015, Lorillard, Inc. (Lorillard) merged with a wholly owned subsidiary of RAI, with Lorillard surviving as a wholly owned subsidiary of RAI. Lorillard was the guarantor of the Lorillard Tobacco
Notes. Shortly thereafter, Lorillards subsidiary, Lorillard Tobacco, merged with and into RAIs subsidiary, R. J. Reynolds Tobacco Company (RJR Tobacco), with RJR Tobacco surviving (the Lorillard Tobacco Merger).
In connection with the Lorillard Tobacco Merger, RJR Tobacco assumed Lorillard Tobaccos obligations under the Lorillard Tobacco Notes and Lorillard Tobacco Indenture and is now the principal obligor on the Lorillard Tobacco Notes, and
RAIs subsidiary and RJR Tobaccos direct parent, R.J. Reynolds Tobacco Holdings, Inc. (RJR), assumed Lorillards obligations as guarantor under the Lorillard Tobacco Notes and Lorillard Tobacco Indenture.
Also as previously reported, on June 24, 2015, RAI received the requisite number of consents (a majority of the then outstanding principal amount of each
series of Lorillard Tobacco Notes) to adopt the Indenture Amendments with respect to each of the seven outstanding series of Lorillard Tobacco Notes that were subject to the Exchange
-1-
Offers and Consent Solicitations. RJR Tobacco and RJR, as current obligor and current guarantor, respectively, under the Lorillard Tobacco Notes and Lorillard Tobacco Indenture, have entered into
a supplemental indenture containing the Indenture Amendments (the Supplemental Indenture) with the trustee under the Lorillard Tobacco Indenture. The Indenture Amendments contained in the Supplemental Indenture will become operative upon
settlement of the Exchange Offers.
In addition, as previously reported, the Consent Payment Deadline (as defined in the Offer to Exchange) was extended
to 5:00 p.m., New York City time, on Friday, July 10, 2015, the same time and date as the Expiration Date. Accordingly, all holders whose Lorillard Tobacco Notes are accepted for exchange in the Exchange Offers will receive the applicable
series of RAI Notes in the same principal amount as the Lorillard Tobacco Notes tendered therefor plus the consent payment of $2.50 per $1,000 principal amount of such Lorillard Tobacco Notes.
This press release is neither an offer to sell nor the solicitation of an offer to buy the RAI Notes or any other securities and shall not constitute an
offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. The Exchange Offers and Consent Solicitations have expired, and are no longer open to participation by any holders
of Lorillard Tobacco Notes. The Exchange Offers have not been and will not be registered under the Securities Act of 1933, as amended (the Securities Act), or the securities laws of any other jurisdiction. The RAI Notes will be issued in
reliance upon exemptions from, or in transactions not subject to, registration under the Securities Act. The RAI Notes and the related guarantees were offered for exchange, and will be issued, only (1) to qualified institutional buyers as
defined in Rule 144A under the Securities Act in reliance on the exemption provided by Section 4(a)(2) of the Securities Act and (2) outside the United States to persons other than U.S. persons (as defined in Rule 902 under the Securities
Act) in reliance upon Regulation S under the Securities Act. The RAI Notes may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act and applicable state laws.
This press release, the Exchange Offer Documents and any other documents or materials relating to the Exchange
Offers and Consent Solicitations may only be communicated to persons in the United Kingdom in circumstances where section 21(1) of the Financial Services and Markets Act 2000 does not apply. Accordingly, this press release and the Exchange Offer
Documents are only for circulation to persons inside the United Kingdom who fall within one of the following categories: (1) any person who is a holder of any of the Lorillard Tobacco Notes; or (2) any other person also falling within
Article 43(2) or within Article 49(2)(a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Financial Promotion Order) or falling within the definition of investment professionals (as defined
in Article 19(5)) of the Financial Promotion Order; or (3) any person to whom the communication may otherwise lawfully be made. This press release, the Exchange Offer Documents and any other documents or materials relating to the Exchange
Offers and Consent Solicitations are only available in the United Kingdom to such persons and the transactions contemplated in the Exchange Offer Documents will be available only to, and may be engaged in only with, such persons, and such financial
promotion must not be relied or acted upon by persons in the United Kingdom unless they fall under the above categories.
Forward-Looking Statements
Statements
included in this press release that are not historical in nature are forward-looking statements. When used in this press release, forward-looking statements include, without limitation, statements regarding the acceptance of the Lorillard Tobacco
Notes, the settlement of the Exchange Offers and the Indenture Amendments, and RAIs expectations, beliefs or intentions that are signified by the words anticipate, believe, estimate, expect,
intend, may, objective, outlook, plan, project, possible, potential, should and similar expressions. These statements regarding future events
inherently are subject to a variety of risks, contingencies and other uncertainties that could cause actual results to differ materially from those described in or implied by the forward-looking statements. Some of these risks, contingencies and
other uncertainties are set forth in RAIs Annual Report on Form 10-K for the year ended December 31, 2014 under the heading Risk Factors and in RAIs Quarterly Report on Form 10-Q for the quarter ended
March 31, 2015 under the heading Managements Discussion and Analysis of Financial Condition and Results of OperationsLiquidity and Financial ConditionCautionary Information Regarding Forward-Looking Statements, as
the same may be updated in subsequent RAI reports.
#
-2-
Reynolds (NYSE:RAI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Reynolds (NYSE:RAI)
Historical Stock Chart
From Apr 2023 to Apr 2024