Lorillard announced a USD 750 million (EUR 527 million), two-tiered debt issue to raise capital for possible stock repurchase, acquisitions or capital improvements

Sale of USD 500 million in five-year notes at 3.50 per cent and USD 250 million in 30-year bonds at 7.00 per cent should close 4 August, the company said in a statement. Joint book-running managers are Barclays Capital Inc., Goldman, Sachs & Co., Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, and RBS Securities Inc.
“Net proceeds from the offering will be used for general corporate purposes, which may include, among other things, the repurchase, redemption or retirement of securities including its common stock, acquisitions, additions to working capital and capital expenditures,” Lorillard said. (ci)