Summary by Moomoo AI
Philip Morris International (PMI) issued $3 billion in notes on November 1, 2024, comprising four tranches due in 2027, 2029, 2031, and 2034, with interest rates ranging from 4.375% to 4.900%. The notes were issued under an indenture dated April 25, 2008, with HSBC Bank USA as trustee.PMI plans to use the net proceeds for general corporate purposes, including prepayment of a portion or all of its 3-year senior unsecured term loan facility from June 2022, repayment of outstanding commercial paper, and working capital requirements. The notes are subject to customary covenants and include provisions for early redemption under certain conditions.The offering was underwritten by a consortium of major financial institutions, including BBVA Securities, BofA Securities, Deutsche Bank Securities, and Goldman Sachs & Co. LLC, among others. Some underwriters or their affiliates, being lenders under PMI's credit facilities, may receive a portion of the proceeds from this offering.