Summary by Moomoo AI
On November 21, 2024, Philip Morris International (PMI) prepaid approximately €3 billion ($3.2 billion) under the 3-year tranche of its senior unsecured term loan facility. This prepayment, which includes outstanding principal and accrued interest, represents all borrowings outstanding under the 3-year tranche, originally due to mature on November 9, 2025.The prepayment was financed using proceeds from a previously disclosed note issuance on November 1, 2024, and cash on hand. PMI's 5-year tranche of the Term Loan Facility, amounting to €2.5 billion ($2.6 billion), remains outstanding.This strategic financial move demonstrates PMI's proactive approach to debt management and its strong liquidity position. The early repayment of the 3-year tranche may potentially reduce the company's interest expenses and improve its debt maturity profile.