Altria plans tap of debt market in UST acquisition

By Andrea Heisinger

New York, Sept. 8 - Tobacco company Altria Group, Inc. announced Monday it has entered into a definitive merger agreement worth $10.4 billion with UST Inc. and will tap the debt market to refinance a portion of its credit facilities, according to a press release.

Altria's subsidiary, Philip Morris USA Inc., has agreed to guarantee the debt in order to get the highest credit ratings.

UST is a moist smokeless tobacco manufacturer based in Stamford, Conn.

Altria is a tobacco company based in Richmond, Va.

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