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CONSUMER STAPLES: Phillip Morris (PM; A2/ A-/A Neg) 4-part supply

CONSUMER STAPLES

Phillip Morris bringing 3, 5, 7, 10Y $ supply, coming tight (~25-30 over secondary) perhaps reflecting the strong year its having

  • An add-on to this, it has UoP marked as "to prepay a portion of or all borrowings outstanding under the 3-year tranche of the Term Loan Facility" - it is likely referring to the €3b front loan (3yrs when taken out in 2022 for Swedish match acquisition).
  • The other TL it took out for Swedish match is €2.5b due in June 2027.
  • It clears up next years maturity leaving only the local €750m March 25s.
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Phillip Morris bringing 3, 5, 7, 10Y $ supply, coming tight (~25-30 over secondary) perhaps reflecting the strong year its having

  • An add-on to this, it has UoP marked as "to prepay a portion of or all borrowings outstanding under the 3-year tranche of the Term Loan Facility" - it is likely referring to the €3b front loan (3yrs when taken out in 2022 for Swedish match acquisition).
  • The other TL it took out for Swedish match is €2.5b due in June 2027.
  • It clears up next years maturity leaving only the local €750m March 25s.