ALTRIA GROUP, INC. (MO): debt financing — Altria enters new $3B revolving credit facility; director Sakkab to retire at 2024 meeting

ALTRIA GROUP, INC.

New $3B 5-year revolving credit facility with JPMorgan and Citibank as agents, expiring Oct 2028, with two 1-year extension options.
Replaces prior $3B facility (expiring Aug 2025); no borrowings outstanding under either facility.
Credit facility requires minimum consolidated EBITDA/interest coverage ratio of 4.0x; guaranteed by Philip Morris USA Inc.
Director Nabil Sakkab (age 76) resigns per board retirement guidelines; will not stand for re-election at May 16, 2024 annual meeting.

item 1.01 item 1.02 item 2.03 item 5.02 item 7.01 item 9.01

Executive movements

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Departed

Nabil Y. Sakkab

Director

MO · ALTRIA GROUP, INC.

Effective: 2024-05-16
Filed: October 25, 2023, 7:59 PM ET

Nabil Y. Sakkab (age 76), a director of Altria since 2008, submitted his written resignation to the Board, and, on October 25, 2023, the Board, based on the recommendation of the Board’s Nominating, Corporate Governance and Social Responsibility Committee, accepted Dr. Sakkab’s resignation effective upon completion of his term.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ALTRIA GROUP, INC. incurred revolving credit of $3 billion with JPMorgan Chase Bank, N.A. and Citibank, N.A., as administrative agents, and the lenders named therein maturing October 24, 2028.

Instrument: revolving credit
Principal: $3 billion
Counterparty: JPMorgan Chase Bank, N.A. and Citibank, N.A., as administrative agents, and the lenders named therein
Maturity: October 24, 2028
Event: incurrence

Exact text from the filing

and Citibank, N.A., as administrative agents, and the lenders named therein (the “Lenders”). The Credit Agreement provides for borrowings up to an aggregate principal amount of $3 billion. The Credit Agreement expires on October 24, 2028 and includes an option, subject to certain conditions, for Altria to extend the Credit Agreement for two additional one-year

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Executive change SEC 8-K Item 5.02 confidence 0.95

Nabil Y. Sakkab resigned as Director at ALTRIA GROUP, INC..

Action: resigned
Role: Director

Exact text from the filing

Nabil Y. Sakkab (age 76), a director of Altria since 2008, submitted his written resignation to the Board, and, on October 25, 2023, the Board, based on the recommendation of the Board’s Nominating, Corporate Governance and Social Responsibility Committee, accepted Dr. Sakkab’s resignation effective upon completion of his term.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ALTRIA GROUP, INC. terminated Terminated Agreement valued at $3 billion (effective 2023-10-24).

Action: termination
Agreement: credit facility
Value: $3 billion
Effective: 2023-10-24

Exact text from the filing

The Credit Agreement replaces Altria’s prior $3 billion amended and restated 5-year revolving credit agreement (the “Terminated Agreement”), which was to expire on August 1, 2025 and was terminated effective October 24, 2023.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ALTRIA GROUP, INC. entered into Credit Agreement with JPMorgan Chase Bank, N.A. and Citibank, N.A., as administrative agents, and the lenders named therein valued at $3 billion (effective 2023-10-24).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A. and Citibank, N.A., as administrative agents, and the lenders named therein
Value: $3 billion
Effective: 2023-10-24

Exact text from the filing

On October 24, 2023, Altria Group, Inc. (“Altria”) entered into a 5-year revolving credit facility (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. and Citibank, N.A., as administrative agents, and the lenders named therein (the “Lenders”).

View on SEC.gov

103 debt financings filed in the last 30 days. Browse all debt financings →

ALTRIA GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-263116

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