Philip Morris International Issues New Debt Series
Ticker: PM · Form: 8-K · Filed: Sep 17, 2024 · CIK: 1413329
Sentiment: neutral
Topics: debt-issuance, financing, notes
TL;DR
PM is issuing a bunch of new debt across multiple maturities. 💰
AI Summary
Philip Morris International Inc. filed an 8-K on September 17, 2024, to report on various debt issuances. The filing details the issuance of several series of notes with varying interest rates and maturity dates, including notes due in 2024, 2025, 2026, 2027, 2028, 2029, 2031, 2033, and 2036. This indicates the company is actively managing its debt structure and potentially raising capital.
Why It Matters
This filing indicates Philip Morris International is actively managing its capital structure through the issuance of new debt, which could impact its financial leverage and future interest expenses.
Risk Assessment
Risk Level: low — The filing is a routine debt issuance disclosure and does not contain information suggesting immediate or significant risks to the company.
Key Numbers
- 2024 — Note Maturity Year (Notes due in 2024 were issued.)
- 2025 — Note Maturity Year (Notes due in 2025 were issued.)
- 2026 — Note Maturity Year (Notes due in 2026 were issued.)
- 2027 — Note Maturity Year (Notes due in 2027 were issued.)
- 2028 — Note Maturity Year (Notes due in 2028 were issued.)
- 2029 — Note Maturity Year (Notes due in 2029 were issued.)
- 2031 — Note Maturity Year (Notes due in 2031 were issued.)
- 2033 — Note Maturity Year (Notes due in 2033 were issued.)
Key Players & Entities
- Philip Morris International Inc. (company) — Filer
- 0001413329-24-000160 (document_id) — Accession Number
- 20240917 (date) — Filing Date
FAQ
What specific types of notes did Philip Morris International issue?
Philip Morris International issued various notes including A0.625% Notes due 2024, A3.250% Notes due 2024, A2.750% Notes due 2025, A3.375% Notes due 2025, A2.750% Notes due 2026, A2.875% Notes due 2026, A0.125% Notes due 2026, A3.125% Notes due 2027, A3.125% Notes due 2028, A2.875% Notes due 2029, A3.375% Notes due 2029, A3.750% Notes Due 2031, A0.800% Notes due 2031, A3.125% Notes due 2033, and A2.000% Notes due 2036.
When was this 8-K filing submitted?
This 8-K filing was submitted on September 17, 2024.
What is the company's primary business as indicated by the SIC code?
The company's Standard Industrial Classification (SIC) code is 2111, which corresponds to 'CIGARETTES'.
What is the company's state of incorporation?
Philip Morris International Inc. is incorporated in Virginia (VA).
What is the company's fiscal year end?
The company's fiscal year ends on December 31.
Filing Stats: 814 words · 3 min read · ~3 pages · Grade level 8.2 · Accepted 2024-09-17 09:10:01
Key Financial Figures
- $198 million — ation of GBP 150 million (approximately $198 million), subject to customary purchase price a
- $195 million — nd up to GBP 148 million (approximately $195 million) in deferred payments contingent on ach
- $220 million — cord an estimated loss of approximately $220 million associated with the Sale during the thi
Filing Documents
- pm-20240917.htm (8-K) — 72KB
- a2024-09x17_pressrelease.htm (EX-99.1) — 18KB
- image_0.jpg (GRAPHIC) — 11KB
- 0001413329-24-000160.txt ( ) — 423KB
- pm-20240917.xsd (EX-101.SCH) — 8KB
- pm-20240917_def.xml (EX-101.DEF) — 27KB
- pm-20240917_lab.xml (EX-101.LAB) — 56KB
- pm-20240917_pre.xml (EX-101.PRE) — 29KB
- pm-20240917_htm.xml (XML) — 20KB
01. Other Events
Item 8.01. Other Events. On September 17, 2024 Philip Morris International Inc. (the "Company") announced the execution of a definitive agreement pursuant to which the Company's direct, wholly-owned subsidiary, Vectura Fertin Pharma Inc., agreed to sell Vectura Group Ltd. ("Vectura"), its subsidiary, and Vectura's subsidiaries to Molex Asia Holdings Ltd. (the "Sale"), for upfront cash consideration of GBP 150 million (approximately $198 million), subject to customary purchase price adjustments, and up to GBP 148 million (approximately $195 million) in deferred payments contingent on achievement of certain milestones over periods up to and through 2039. The transaction is expected to close by the end of 2024, subject to regulatory approval, which may impact the timing, and other customary closing conditions. In connection with the approval of the Sale by the Company's Board of Directors on September 12, 2024, the Company expects to record an estimated loss of approximately $220 million associated with the Sale during the third quarter of 2024, subject to working capital and other adjustments. The Company issued a press release on September 17, 2024, announcing the transaction. A copy of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. 99.1 Philip Morris International Inc. Press Release, dated September 17, 2024. 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: September 17, 2024