Philip Morris International Inc. (PM): debt financing — PMI completes Swedish Match tender, acquires 82.59% stake; extends offer to Nov 25 at SEK 115.07/share

Philip Morris International Inc.

Borrowed $7.9B under bridge credit agreement and €5.5B total under term loan credit agreements on Nov 7, 2022.
PMHH owns 82.59% of Swedish Match shares (excl. treasury) from tenders through Nov 4; 90% acceptance condition waived.
Settlement for tendered shares expected Nov 11; acceptance period extended to Nov 25, 2022.
Price for future tenders reduced to SEK 115.07/share due to SEK 0.93 dividend scheduled for record Nov 14.
PMI expects to consolidate Swedish Match results from Nov 11; aims for >90% ownership to delist and initiate compulsory redemption.

item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Philip Morris International Inc. incurred credit facility of $7.9 billion with Citibank Europe PLC, UK Branch.

Instrument: credit facility
Principal: $7.9 billion
Counterparty: Citibank Europe PLC, UK Branch
Event: incurrence

Exact text from the filing

on November 7, 2022, the Company delivered notices of borrowing for aggregate advances of $7.9 billion under the Bridge Credit Agreement

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Philip Morris International Inc. incurred term loan of €2.5 billion (approximately $2.5 billion) with Citibank Europe PLC, UK Branch maturing five-year loan.

Instrument: term loan
Principal: €2.5 billion (approximately $2.5 billion)
Counterparty: Citibank Europe PLC, UK Branch
Maturity: five-year loan
Event: incurrence

Exact text from the filing

a five-year loan of €2.5 billion (approximately $2.5 billion) under the Term Loan Credit Agreement

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Philip Morris International Inc. incurred term loan of €3.0 billion (approximately $3.0 billion) with Citibank Europe PLC, UK Branch maturing three-year loan.

Instrument: term loan
Principal: €3.0 billion (approximately $3.0 billion)
Counterparty: Citibank Europe PLC, UK Branch
Maturity: three-year loan
Event: incurrence

Exact text from the filing

notices of borrowing providing an advance under a three-year loan of €3.0 billion (approximately $3.0 billion)

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

Philip Morris International Inc. filing history →

Source: SEC EDGAR

accession 0001413329-22-000119

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