By Devika Patel
Knoxville, Tenn., April 30 – Philip Morris International Inc. priced $1.65 billion of notes in two tranches on Monday, according to an FWP filed with the Securities and Exchange Commission.
There was $900 million of 2.875% five-year bonds sold with a 68 basis point spread over Treasuries. Pricing was at 99.447 to yield 2.995%.
The company sold $750 million of 3.375% 10-year bonds with a 100 bps spread over Treasuries. Pricing was at 98.667 to yield 3.531%.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Mizuho Securities USA Inc., BBVA Securities Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America Inc. and SG Americas Securities LLC are the bookrunners.
Proceeds will be used for general corporate purposes, to repay commercial paper, to refinance the company’s 2% notes due 2020 and its floating-rate notes due 2020, to meet working capital requirements and to repurchase common stock.
The producer of cigarette and tobacco products is based in New York.
| Issuer: | Philip Morris International Inc.
|
| Issue: | Notes
|
| Amount: | $1.65 billion
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., Mizuho Securities USA Inc., BBVA Securities Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America Inc. and SG Americas Securities LLC
|
| Co-manager: | UBS Securities LLC
|
| Trade date: | April 29
|
| Settlement date: | May 1
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $900 million
|
| Maturity: | May 1, 2024
|
| Coupon: | 2.875%
|
| Price: | 99.447
|
| Yield: | 2.995%
|
| Spread: | Treasuries plus 68 bps
|
| Call: | Make-whole call at Treasuries plus 12.5 bps until April 1, 2024 and then a par call
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Maturity: | Aug. 15, 2029
|
| Coupon: | 3.375%
|
| Price: | 98.667
|
| Yield: | 3.531%
|
| Spread: | Treasuries plus 100 bps
|
| Call: | Make-whole call at Treasuries plus 15 bps until May 15, 2029 and then a par call
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
