By Aleesia Forni
Virginia Beach, Nov. 4 - Philip Morris International Inc. brought a $2 billion sale of senior notes (A2/A/A) in three parts to Monday's market, according to a market source.
All three tranches were priced at the tight end of talk.
The deal included $750 million of 1.875% notes due 2019 at Treasuries plus 68 basis points.
A $500 million tranche of 3.6% notes due 2023 was sold with a spread of 108 bps over Treasuries.
The company also priced $750 million of 4.875% 30-year notes at Treasuries plus 118 bps.
Full terms were not available at press time.
Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC were the lead managers.
Proceeds will be added to the company's general funds.
The producer of cigarette and tobacco products is based in New York City.
| Issuer: | Philip Morris International Inc.
|
| Issue: | Senior notes
|
| Amount: | $2 billion
|
| Joint bookrunners: | Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC
|
| Trade date: | Nov. 4
|
| Settlement date: | Nov. 12
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
|
|
| Notes due 2019
|
| Amount: | $750 million
|
| Maturity: | Nov. 15, 2019
|
| Coupon: | 1.875%
|
| Spread: | Treasuries plus 68 bps
|
| Price talk: | Treasuries plus 70 bps area
|
|
|
| Notes due 2023
|
| Amount: | $500 million
|
| Maturity: | Nov. 15, 2023
|
| Coupon: | 3.6%
|
| Spread: | Treasuries plus 108 bps
|
| Price talk: | Treasuries plus 110 bps area
|
|
|
| Notes due 2043
|
| Amount: | $750 million
|
| Maturity: | Nov. 15, 2043
|
| Coupon: | 4.875%
|
| Spread: | Treasuries plus 118
|
| Price talk: | Treasuries plus 120 bps area
|
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