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Lorillard Announces Pricing Of $500 Million Debt Offering

GREENSBORO, N.C., May 15, 2013 /PRNewswire/ -- 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. 

Lorillard, Inc. and Lorillard Tobacco Company have filed a registration statement (including a prospectus) and a prospectus supplement with the Securities and Exchange Commission ("SEC") relating to the offering to which this communication relates.  Before you invest, you should read the prospectus in that registration statement, the prospectus supplement and other documents that Lorillard, Inc. has filed with the SEC for more complete information about Lorillard, Inc., Lorillard Tobacco Company and this offering.  You may get these documents for free by visiting EDGAR on the SEC Web site at  Alternatively, a copy of the prospectus supplement and accompanying prospectus relating to the senior notes can be obtained by contacting Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling toll-free 1-888-603-5847, by contacting Goldman, Sachs & Co., 200 West Street, New York, New York 10282, Attention: Prospectus Department, or by calling toll-free 1-866-471-2526 or by contacting Wells Fargo Securities, LLC, 1525 West W.T. Harris Blvd., NC0675, Charlotte, North Carolina 28262, Attention: Capital Markets Client Support, or by calling toll-free 1-800-326-5897.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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