PM · Philip Morris International Inc.

Summary

Philip Morris International issued $1.5 billion in senior unsecured notes across two tranches to refinance debt and for general corporate purposes.

Key takeaways

• Issued $750M 4.125% notes due 2029 and $750M 4.875% notes due 2036.
• Net proceeds to repay commercial paper, refinance 0.875% notes due 2026, or for working capital.
• Notes are senior unsecured and rank equally with existing senior unsecured debt.
• Underwriters include Barclays, Mizuho, SMBC Nikko, Morgan Stanley, Santander, Standard Chartered.