Two of the world’s biggest tobacco companies have agreed new multibillion-pound debt packages and reported no material downturn in trading, despite concerns about the impact of the coronavirus pandemic on smokers. Imperial Brands has secured a €3.5 billion multi-currency revolving credit facility with a syndicate of 20 banks, co-ordinated by Natwest, Santander and SMBC. The three-year financing replaces an existing undrawn £3 billion facility. The FTSE 100 company is based in Bristol and sells brands such as Davidoff and Gauloises cigarettes and the Blu e-cigarette brand. It has issued a series of weak trading updates and warned in February that its profits would be hit by a ban in the United States on some vaping flavours.

Source: The Times March 31, 2020 11:03 UTC