Philip Morris International Inc. Issues New Senior Unsecured Notes

On November 1, 2024, Philip Morris International Inc. (PMI) completed the issuance of $750 million aggregate principal amount of its 4.375% Notes due 2027, $750 million aggregate principal amount of its 4.625% Notes due 2029, $750 million aggregate principal amount of its 4.750% Notes due 2031, and $750 million aggregate principal amount of its 4.900% Notes due 2034. These new notes were issued under an Indenture dated as of April 25, 2008, with HSBC Bank USA, National Association acting as the trustee.

The issuance was facilitated through a Terms Agreement entered into by PMI on October 30, 2024, with several underwriters, including BBVA Securities Inc., BofA Securities Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Mizuho Securities USA LLC, and UBS Securities LLC. The net proceeds from this offering will be added to PMI’s general funds for various potential applications such as general corporate purposes, repayment of outstanding borrowings, or working capital needs.

The Notes come with customary covenants, including restrictions on incurring debt secured by liens and engaging in sale/leaseback transactions. PMI has the option to redeem the Notes either entirely or partially at specified redemption prices, in addition to the ability to redeem under certain tax event provisions as outlined in the Prospectus Supplement.

Interest on the Notes will be paid semiannually, starting from November 1, 2024, with each series maturing on November 1 of the respective years – 2027, 2029, 2031, and 2034. These new Notes will rank equally in right of payment with all of PMI’s existing and future senior unsecured indebtedness.

For detailed information on the Terms Agreement, Underwriting Agreement, and the Notes, interested parties can refer to the respective agreements and forms incorporated in PMI’s filings with the Securities and Exchange Commission.

Several of the underwriters involved in the offering have a history of providing financial services to PMI and may continue to do so in the future. Additionally, some underwriters are lenders under PMI’s credit facilities. Foreign exchange and derivative transactions with underwriters or their affiliates are also part of PMI’s business activities.

This release was disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission on November 1, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Philip Morris International’s 8K filing here.

About Philip Morris International

Philip Morris International Inc operates as a tobacco company working to delivers a smoke-free future and evolving portfolio for the long-term to include products outside of the tobacco and nicotine sector. The company's product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, vapor, and oral nicotine products primarily under the IQOS and ZYN brands; and consumer accessories, such as lighters and matches.