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Philip Morris International draws $13.4 billion equivalent from facilities
By Mary-Katherine Stinson
Lexington, Ky., Nov. 7 Philip Morris International Inc. gave notice that it has drawn down a total of $13.4 billion equivalent from its facilities, according to an 8-K filing with the Securities and Exchange Commission.
On Nov. 7, Philip Morris borrowed a total advance of $7.9 billion under the bridge credit agreement and advances under a three-year loan of 3 billion (approximately $3 billion) and a five-year loan of 2.5 billion (approximately $2.5 billion) under the term loan credit agreement.
The borrowings were in connection with the completion on Nov. 7 of the company affiliate Philip Morris Holland Holdings BVs acquisition of all the outstanding shares of Swedish Match AB. With the consummation of the offer Philip Morris Holland became the owner of 82.59% of Swedish Match shares (excluding 4,285,810 treasury shares held by Swedish Match) tendered through Nov. 4.
The cigarette and tobacco company is based in New York.
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