Last $65.45 USD
Change Today -0.19 / -0.29%
Volume 595.7K
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As of 5:15 PM 12/24/14 All times are local (Market data is delayed by at least 15 minutes).

reynolds american inc (RAI) Key Developments

Reynolds American Inc.(NYSE:RAI) dropped from S&P 500 Value Index

Reynolds American Inc.(NYSE:RAI) dropped from S&P 500 Value Index

Delaware Judge Cancels Reynolds Merger Lawsuit

A Delaware judge canceled a hearing in a lawsuit challenging the planned $27.4 billion merger of Reynolds American Inc. and Lorillard Inc. The complaint was filed in the Delaware Court of Chancery on a motion by plaintiffs who were seeking a preliminary injunction and a motion to expedite the case. The manufacturers announced their deal July 15, essentially for Reynolds to gain top U.S. menthol brand Newport. Each company has set Jan. 28 as the date for asking their respective shareholders to approve Reynolds' offer. The companies' management teams have expressed confidence that they will gain federal regulatory approval by June 30, 2015. They have acknowledged submitting additional information twice to the FTC. Reynolds and British American Tobacco PLC have filed separate requests for the N.C. Business Court to dismiss a lawsuit trying to block Reynolds' offer. The Beatrice Corwin Living Irrevocable Trust is suing Reynolds, its board ”which includes top executive Susan Cameron” and BAT for breach of fiduciary duty. It says that BAT is protecting its 42% stake in Reynolds at the expense of public shareholders. The defendants in the Corwin lawsuit agreed Thursday to allow the trust to file a single omnibus brief, not to exceed 14,000 words, in response to the defendants' dismissal filings.

Reynolds American Inc. Enters into Credit Agreement

On December 18, 2014, Reynolds American Inc. entered into a Credit Agreement with JPMorgan Chase Bank, N.A., as Administrative Agent, Citibank, N.A., as Syndication Agent, Credit Suisse AG, Cayman Islands Branch, Fifth Third Bank, Goldman Sachs Bank USA, Mizuho Bank Ltd., Royal Bank of Canada and The Bank of Nova Scotia, as Documentation Agents, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Credit Suisse Securities (USA), LLC, Fifth Third Bank, Goldman Sachs Bank USA, Mizuho Bank Ltd., RBC Capital Markets and The Bank of Nova Scotia as Joint Lead Arrangers and Joint Bookrunners, and various other lending institutions party thereto as lenders (the New Credit Agreement). The New Credit Agreement replaces RAI's Credit Agreement, dated as of October 8, 2013, as amended (the Prior Credit Agreement). The New Credit Agreement provides for a five-year, $2.00 billion senior revolving credit facility (which may be increased to $2.35 billion at the discretion of the lenders upon the request of RAI). The obligations of RAI under the New Credit Agreement are unsecured.

Reynolds American Announces Executive Changes

Reynolds American announced it promoted current executive vice president Andrew Gilchrist to the role of CFO effective March 1, 2015. Gilchrist will succeed Thomas Adams, who will begin transitioning the CFO in January to ensure a smooth transition.

Reynolds American Announces Quarterly Dividend, Payable on January 2, 2015

Reynolds American approved an unchanged quarterly cash dividend of $0.67 per share, payable on January 2 to holders of record on December 15, with an ex-dividend date of December 11. The dividend carries an annual yield of 4%.


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Valuation RAI Industry Range
Price/Earnings 22.1x
Price/Sales 4.2x
Price/Book 7.0x
Price/Cash Flow 21.4x
TEV/Sales 3.3x

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