PMI Updates Debt Obligations, Maturing Notes from 2024-2044

TL;DR

**PMI just updated its debt schedule, showing various notes due from 2024 to 2044.**

AI Summary

Philip Morris International Inc. filed an 8-K on January 24, 2024, indicating the entry into a material definitive agreement and the creation of a direct financial obligation. This filing primarily updates the market on various outstanding notes with different interest rates and maturity dates, ranging from 0.125% due in 2026 to 6.375% due in 2038. This matters to investors because it provides transparency on the company's debt structure, which can impact future earnings through interest expenses and the company's ability to fund growth or return capital to shareholders.

Why It Matters

Understanding Philip Morris International's debt profile is crucial for investors as it directly influences the company's financial health, liquidity, and future profitability. High interest payments or significant upcoming maturities could strain cash flow.

Risk Assessment

Risk Level: low — This filing is a routine update on existing financial obligations and does not indicate new, unexpected risks or significant changes to the company's financial position.

Analyst Insight

Investors should review the company's full financial statements to assess the total debt burden and cash flow available to service these obligations, especially those maturing in the near term, to understand potential impacts on dividend sustainability or share buybacks.

Key Numbers

• 0.125% — Lowest interest rate on notes (Notes due in 2026)
• 6.375% — Highest interest rate on notes (Notes due in 2038)
• 2024 — Earliest note maturity year (Several notes mature in 2024)
• 2044 — Latest note maturity year (Notes with 4.250% interest rate mature in 2044)

Key Players & Entities

• Philip Morris International Inc. (company) — the registrant filing the 8-K
• 0.125% (dollar_amount) — interest rate on notes due 2026
• 6.375% (dollar_amount) — interest rate on notes due 2038
• 2024 (dollar_amount) — earliest maturity date for notes
• 2044 (dollar_amount) — latest maturity date for notes

Forward-Looking Statements

• Philip Morris International will continue to manage its debt obligations effectively, potentially refinancing maturing notes at prevailing market rates. (Philip Morris International Inc.) — medium confidence, target: 2024-12-31

FAQ

Key Financial Figures

• $1.7 b — 24 to January 28, 2025 in the amount of $1.7 billion, pursuant to Section 2.19 of the

Filing Documents

• tm243707d1_8k.htm (8-K) — 80KB
• tm243707d1_ex10-1.htm (EX-10.1) — 69KB
• 0001104659-24-006244.txt ( ) — 512KB
• pm-20240124.xsd (EX-101.SCH) — 9KB
• pm-20240124_def.xml (EX-101.DEF) — 35KB
• pm-20240124_lab.xml (EX-101.LAB) — 60KB
• pm-20240124_pre.xml (EX-101.PRE) — 34KB
• tm243707d1_8k_htm.xml (XML) — 27KB

01

Item 1.01. Entry into a Material Definitive Agreement. On January 24, 2024, Philip Morris International Inc. ("PMI") entered into an agreement, effective as of January 30, 2024 (the "Extension Agreement"), to extend the term of its existing 364-day revolving credit facility, dated as of February 12, 2013 (as amended or modified from time to time, the "Credit Agreement"), with the lenders named therein, and Citibank Europe plc, UK Branch (legal successor to Citibank International Limited), as administrative agent. The Extension Agreement extends the expiration date of the Credit Agreement from January 30, 2024 to January 28, 2025 in the amount of $1.7 billion, pursuant to Section 2.19 of the Credit Agreement. Except as set forth in the Extension Agreement, all the other terms and conditions of the Credit Agreement remain in full force and effect. Some of the lenders under the Credit Agreement and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory, commercial and investment banking services for PMI, for which they received or will receive customary fees and expenses. Certain affiliates of the lenders under the Credit Agreement are underwriters of certain of PMI's note issuances. PMI and some of its subsidiaries may enter into foreign exchange and other derivative arrangements with certain of the lenders under the Credit Agreement and their affiliates. In addition, certain of the lenders under the Credit Agreement, and their respective affiliates, act as dealers in connection with PMI's commercial paper programs. The description above is a summary and is qualified in its entirety by the Extension Agreement, which is filed as Exhibit 10.1 to this report and is incorporated herein by reference. The Credit Agreement was previously filed as Exhibit 10.1 to PMI's Current Report on Form 8-K (File No. 1-33708) filed on February 15, 2013.

03

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information required by Item 2.03 and included under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. 10.1 Extension Agreement, dated as of January 24, 2024 among PMI, the lenders named therein, and Citibank Europe plc, UK Branch (legal successor to Citibank International Limited), as administrative agent. 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document and contained in Exhibit 101)

SIGNATUREs

SIGNATUREs Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PHILIP MORRIS INTERNATIONAL INC. By: /s/ DARLENE QUASHIE HENRY Name: Darlene Quashie Henry Title: Vice President, Associate General Counsel & Corporate Secretary Date: January 24, 2024

View Full Filing

View this 8-K filing on SEC EDGAR