Lorillard, Inc. (NYSE: LO - News) announced today that pursuant to its previously announced plans, it has commenced through its main operating subsidiary, Lorillard Tobacco Company, a $750 million underwritten public offering of senior notes. 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 our common stock, additions to working capital and capital expenditures.
Lorillard has established a long-term balance sheet leverage target of approximately 1.5x total debt to EBITDA. The debt offering announced today is a first step in this longer term objective.
The senior notes will be issued by Lorillard Tobacco Company and guaranteed by Lorillard, Inc. Barclays Capital Inc., J.P. Morgan Securities Inc., Goldman, Sachs & Co. and Wachovia Capital Markets, LLC are acting as joint book-running managers.
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