UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 2020
Philip Morris International Inc.
(Exact name of registrant as specified in its charter)
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Virginia | | 1-33708 | | 13-3435103 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (I.R.S. Employer Identification No.) |
| | |
120 Park Avenue, New York, New York | | 10017-5592 |
(Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (917) 663-2000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, no par value | | PM | | New York Stock Exchange |
1.875% Notes due 2021 | | PM21B | | New York Stock Exchange |
1.875% Notes due 2021 | | PM21C | | New York Stock Exchange |
4.125% Notes due 2021 | | PM21 | | New York Stock Exchange |
2.900% Notes due 2021 | | PM21A | | New York Stock Exchange |
2.625% Notes due 2022 | | PM22A | | New York Stock Exchange |
2.375% Notes due 2022 | | PM22B | | New York Stock Exchange |
2.500% Notes due 2022 | | PM22 | | New York Stock Exchange |
2.500% Notes due 2022 | | PM22C | | New York Stock Exchange |
2.625% Notes due 2023 | | PM23 | | New York Stock Exchange |
2.125% Notes due 2023 | | PM23B | | New York Stock Exchange |
3.600% Notes due 2023 | | PM23A | | New York Stock Exchange |
2.875% Notes due 2024 | | PM24 | | New York Stock Exchange |
2.875% Notes due 2024 | | PM24C | | New York Stock Exchange |
0.625% Notes due 2024 | | PM24B | | New York Stock Exchange |
3.250% Notes due 2024 | | PM24A | | New York Stock Exchange |
2.750% Notes due 2025 | | PM25 | | New York Stock Exchange |
3.375% Notes due 2025 | | PM25A | | New York Stock Exchange |
2.750% Notes due 2026 | | PM26A | | New York Stock Exchange |
2.875% Notes due 2026 | | PM26 | | New York Stock Exchange |
0.125% Notes due 2026 | | PM26B | | New York Stock Exchange |
3.125% Notes due 2027 | | PM27 | | New York Stock Exchange |
3.125% Notes due 2028 | | PM28 | | New York Stock Exchange |
2.875% Notes due 2029 | | PM29 | | New York Stock Exchange |
3.375% Notes due 2029 | | PM29A | | New York Stock Exchange |
0.800% Notes due 2031 | | PM31 | | New York Stock Exchange |
3.125% Notes due 2033 | | PM33 | | New York Stock Exchange |
2.000% Notes due 2036 | | PM36 | | New York Stock Exchange |
1.875% Notes due 2037 | | PM37A | | New York Stock Exchange |
6.375% Notes due 2038 | | PM38 | | New York Stock Exchange |
1.450% Notes due 2039 | | PM39 | | New York Stock Exchange |
4.375% Notes due 2041 | | PM41 | | New York Stock Exchange |
4.500% Notes due 2042 | | PM42 | | New York Stock Exchange |
3.875% Notes due 2042 | | PM42A | | New York Stock Exchange |
4.125% Notes due 2043 | | PM43 | | New York Stock Exchange |
4.875% Notes due 2043 | | PM43A | | New York Stock Exchange |
4.250% Notes due 2044 | | PM44 | | New York Stock Exchange |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. | | |
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Emerging growth company | | ☐ |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | | ☐ |
On May 1, 2020, Philip Morris International Inc. (“PMI”) issued US$750,000,000 aggregate principal amount of its 1.125% Notes due 2023 (the “2023 Notes”), US$750,000,000 aggregate principal amount of its 1.500% Notes due 2025 (the “2025 Notes”) and US$750,000,000 aggregate principal amount of its 2.100% Notes due 2030 (the “2030 Notes” and, together with the 2023 Notes and the 2025 Notes, the “Notes”). The Notes were issued pursuant to an Indenture dated as of April 25, 2008, by and between PMI and HSBC Bank USA, National Association, as trustee.
In connection with the issuance of the Notes, on April 29, 2020 PMI entered into a Terms Agreement (the “Terms Agreement”) with Banca IMI S.p.A., BBVA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and SMBC Nikko Securities America, Inc., as representatives of the several underwriters named therein (the “Underwriters”), pursuant to which PMI agreed to issue and sell the Notes to the Underwriters. The provisions of an Underwriting Agreement, dated as of April 25, 2008 (the “Underwriting Agreement”), are incorporated by reference in the Terms Agreement.
PMI has filed with the Securities and Exchange Commission a Prospectus dated February 11, 2020 and a Prospectus Supplement (the “Prospectus Supplement”) dated April 29, 2020 (Registration No. 333-236366) in connection with the public offering of the Notes.
The Notes are subject to certain customary covenants, including limitations on PMI’s ability, with significant exceptions, to incur debt secured by liens and engage in sale/leaseback transactions. PMI may redeem the Notes, in whole or in part, at the applicable redemption prices described in the Prospectus Supplement, plus accrued and unpaid interest thereon to, but excluding, the applicable redemption date. PMI may also redeem all, but not part, of the Notes of each series upon the occurrence of specified tax events as described in the Prospectus Supplement.
Interest on the 2023 Notes is payable from May 1, 2020 semiannually in arrears on May 1 and November 1, commencing November 1, 2020, to holders of record on the preceding April 15 and October 15, as the case may be. Interest on the 2025 Notes is payable from May 1, 2020 semiannually in arrears on May 1 and November 1, commencing November 1, 2020, to holders of record on the preceding April 15 and October 15, as the case may be. Interest on the 2030 Notes is payable from May 1, 2020 semiannually in arrears on May 1 and November 1, commencing November 1, 2020, to holders of record on the preceding April 15 and October 15, as the case may be.
The 2023 Notes will mature on May 1, 2023, the 2025 Notes will mature on May 1, 2025 and the 2030 Notes will mature on May 1, 2030.
The Notes will be PMI’s senior unsecured obligations and will rank equally in right of payment with all of its existing and future senior unsecured indebtedness.
For a complete description of the terms and conditions of the Underwriting Agreement, the Terms Agreement and the Notes, please refer to such agreements and the form of Notes, each of which is incorporated herein by reference and is an exhibit to this report as Exhibits 1.1, 1.2, 4.1, 4.2 and 4.3, respectively.
Certain of the Underwriters 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 of the Underwriters and their respective affiliates are lenders under PMI’s credit facilities. PMI and some of its subsidiaries may enter into foreign exchange and other derivative arrangements with certain of the Underwriters or their respective affiliates. In addition, certain of the Underwriters or their respective affiliates act as dealers in connection with PMI’s commercial paper programs.
