• Bloomberg

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Japan Tobacco Inc., the world’s third-largest publicly traded cigarette maker, raised 150 billion yen Wednesday selling bonds to repay debt from its purchase of Gallaher Group PLC.

The Tokyo-based company sold bonds in three maturities, tapping demand for highly rated debt even as the risk of owning its securities rose. Credit assessors cut Japan Tobacco’s debt ratings in March, citing concerns that the company’s finances would deteriorate after it agreed to buy Gallaher, the maker of Benson & Hedges cigarettes in Europe, for £7.5 billion ($15.4 billion).

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