PMI extends KT&G collaboration to 2038, exclusive rights to sell smoke-free products outside South Korea

Philip Morris International Inc.

15-year exclusive agreement to commercialize KT&G's smoke-free products globally (ex-South Korea) until Jan 29, 2038.
First 3-year commitment of 16 billion consumables; volume commitments expected to increase over full term.
Builds on prior collaboration in over 30 markets; expands PMI's smoke-free portfolio including offerings for low/middle-income markets.
PMI and KT&G call on regulators worldwide to leverage smoke-free alternatives to reduce cigarette use.

Key facts

Extracted from this filing and checked against the source text.

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

Philip Morris International Inc. amended Amendment and Extension Agreement with each lender named therein, and Citibank Europe PLC, UK Branch (legal successor to Citibank International Limited), as administrative agent valued at $1.75 billion (effective 2023-01-31).

Action: amendment
Agreement: credit facility
Counterparty: each lender named therein, and Citibank Europe PLC, UK Branch (legal successor to Citibank International Limited), as administrative agent
Value: $1.75 billion
Effective: 2023-01-31

Exact text from the filing

On January 25, 2023, Philip Morris International Inc. (“PMI”) entered into an agreement, effective as of January 31, 2023, to amend and extend the term of its existing $1.75 billion 364-day revolving credit facility, dated as of February 12, 2013 (as amended or modified from time to time, the “Credit Agreement”), with each lender named therein, and Citibank Europe PLC, UK Branch (legal successor to Citibank International Limited), as administrative agent (the “Amendment and Extension Agreement”).

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Philip Morris International Inc. filing history →

Source: SEC EDGAR

accession 0001413329-23-000016

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