Summary
Philip Morris International Inc. (PM) filed an 8-K report on March 19, 2009, detailing the creation of a Euro Medium Term Note Program. This program allows the company to issue unsecured notes, denominated in Euros, with an unlimited aggregate amount and flexible terms regarding currency, rate, and maturity. The establishment of this program is a significant event for investors as it provides PM with enhanced flexibility to access capital markets and manage its financing needs. The program, effective March 13, 2009, involves a Dealer Agreement, an Issue and Paying Agency Agreement, and a Trust Deed, all governed by specific terms. Notably, notes issued under this program will be issued pursuant to Regulation S and will not be registered under the Securities Act of 1933, meaning they may not be offered or sold within the United States to U.S. persons without proper registration or an applicable exemption. This indicates a focus on international capital raising.
Key Highlights
- 1Establishment of a Euro Medium Term Note Program (EMTN) allowing for the issuance of unsecured Euro-denominated notes.
- 2The program allows for an unlimited aggregate nominal amount of notes to be issued.
- 3Note terms (currency, rate, maturity) are flexible and will be agreed upon at the time of sale.
- 4The program was established on March 13, 2009, with related agreements (Dealer Agreement, Agency Agreement, Trust Deed) executed on the same date.
- 5Notes will be issued under Regulation S, indicating a focus on non-U.S. investors.
- 6Issued notes will not be registered under the Securities Act of 1933 and are subject to restrictions on sales to U.S. persons.
- 7The company may leverage existing relationships with dealers for financial advisory and investment banking services.