By Aleesia Forni
Virginia Beach, Nov. 10 – Altria Group, Inc. priced $1 billion of 2.625% senior notes (Baa1/BBB/BBB+) due Jan. 14, 2020 on Monday with a spread of Treasuries plus 100 basis points, a market source said.
Pricing was at 99.919 to yield 2.641%.
Bookrunners were Barclays, Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC.
There is a change-of-control put at 101%.
Proceeds will be used for general corporate purposes.
The securities are guaranteed by Richmond, Va.-based parent Philip Morris USA Inc., a cigarette and smokeless tobacco product maker.
| Issuer: | Altria Group Inc.
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| Amount: | $1 billion
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| Description: | Senior notes
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| Maturity: | Jan. 14, 2020
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| Bookrunners: | Barclays, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC
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| Coupon: | 2.625%
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| Price: | 99.919
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| Yield: | 2.641%
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| Spread: | Treasuries plus 100 bps
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| Trade date: | Nov. 10
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| Ratings: | Moody’s: Baa1
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| Standard & Poor's: BBB+
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| Fitch: BBB+
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| Price talk: | Treasuries plus 105 bps area, tightened from Treasuries plus 110 bps to 115 bps
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