Altria plans bond issue to refinance bridge loan borrowings

By Jennifer Chiou

New York, Jan. 29 - Altria Group, Inc. said that it intends to issue more bonds in 2009 in order to refinance its bridge loan borrowings with long-term debt.

The company stated its plans in its report of fourth-quarter results for 2008.

In the report, the company said that in November it issued a total of $6 billion of notes with five-, 10- and 30-year maturities with interest rates of 8.5%, 9.7% and 9.95%, respectively.

In December, Altria issued $775 million of notes with an 18-month maturity and an interest rate of 7.125%.

Altria, located in Richmond, Va., manufactures and sells cigarettes and other tobacco products. It is the parent company of Philip Morris USA.

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