Summary
Philip Morris International Inc. (PMI) announced on June 3, 2013, the issuance of €500,000,000 aggregate principal amount of 3.125% Notes due 2033. This debt offering was conducted under an existing Indenture from April 25, 2008, with HSBC Bank USA, National Association, as trustee. The issuance was facilitated by a Terms Agreement entered into on May 29, 2013, with several underwriters, including Deutsche Bank AG, London Branch, and Goldman Sachs International. These senior unsecured notes will mature in 2033 and carry an annual interest rate of 3.125%, payable on June 3rd each year. The notes are subject to customary covenants, including limitations on secured debt and sale/leaseback transactions. PMI also retains the right to redeem the notes under specific tax event conditions. This move indicates PMI's strategy to manage its capital structure and potentially fund ongoing operations or strategic initiatives.
Key Highlights
- 1PMI issued €500,000,000 of 3.125% Notes due 2033.
- 2The notes were issued under an Indenture dated April 25, 2008.
- 3A Terms Agreement with multiple underwriters, including Deutsche Bank and Goldman Sachs, was executed on May 29, 2013.
- 4Interest on the notes is payable annually at 3.125% starting June 3, 2014.
- 5The notes mature on June 3, 2033.
- 6The notes are senior unsecured obligations, ranking equally with other senior unsecured debt.
- 7Customary covenants include restrictions on liens and sale/leaseback transactions.