Imperial Tobacco closes loans to finance Reynold's purchases

|About: Imperial Brands PLC ADR (IMBBY)|By:, SA News Editor

Imperial Tobacco (OTCQX:ITYBY) has closed approximately $13B of loans to finance its acquisition of several brands and assets of Reynolds American (NYSE:RAI).

The financing covers the $7.1B acquisition of cigarette brands, Winston, Maverick, Kool, Salem and blu, which Reynolds wished to unload to clear the way for its merger with Lorillard (NYSE:LO).

As part of the purchase, Imperial will also take over Lorillard's national sales force, offices and production facilities.