US: Lorillard Announces Pricing of $500 Million Debt Offering

Source from:  PRNewswire  05/16/2013

Lorillard, Inc. (NYSE:  LO), the third largest manufacturer of cigarettes in the United States, today announced that it has priced an underwritten public offering of an aggregate principal amount of $500 million 3.75% senior notes due 2023 through its main operating subsidiary, Lorillard Tobacco Company, and guaranteed by Lorillard, Inc.

Lorillard, Inc. expects to close the sale of the notes on May 20, 2013, subject to customary closing conditions.  The 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. 

Barclays Capital Inc., Goldman, Sachs & Co., Wells Fargo Securities, LLC, Fifth Third Securities, Inc., J.P. Morgan Securities LLC and RBS Securities Inc. are acting as joint book-running managers.  Enditem