Summary
Philip Morris International Inc. (PMI) has announced its intention to redeem all outstanding 4.875% Notes due February 13, 2026, with a total principal amount of $1.7 billion. The redemption will take place on December 4, 2025. This action signals a proactive approach by PMI to manage its debt obligations, potentially optimizing its capital structure or refinancing at more favorable terms. Investors holding these notes should pay close attention to the redemption price calculation, which is based on the greater of par value or a present value calculation plus a spread over the applicable treasury rate, along with accrued interest.
Key Highlights
- 1Philip Morris International (PMI) will redeem all $1.7 billion of its 4.875% Notes due February 13, 2026.
- 2The redemption date is set for December 4, 2025.
- 3The redemption price will be the greater of 100% of the principal amount or a calculated present value of future payments.
- 4The present value calculation includes a spread of 15 basis points over the applicable treasury rate.
- 5Accrued and unpaid interest up to the redemption date will also be paid.
- 6This filing does not constitute the official notice of redemption; holders should refer to the notice from the trustee, HSBC Bank USA, National Association.