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21 November 20221 minute read

DLA Piper advises Philip Morris International Inc. in US$6 billion bond issuance

DLA Piper advised Philip Morris International Inc. (PMI) on the issuance of a US$6 billion jumbo bond that will support PMI’s recent acquisition of smoke-free tobacco producer Swedish Match.

PMI is a leading international tobacco company working to deliver a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. 

The DLA Piper team was led by partners Stasia Kelly and Sanjay Shirodkar (both in Washington, DC), Anna Spence (New York) and Jay Finkelstein (Northern Virginia) and assisted by associates Kim McKenzie (Raleigh), Danielle Cortez (New York) and Michael Slovak (Miami).

Sanjay Shirodkar said: “This deal was an important step in the financing of PMI’s acquisition of Swedish Match, a transaction that will move PMI toward its goal of becoming predominantly smoke-free in the coming years.” 

Stasia Kelly said: “It was a pleasure to continue our work with PMI and assist in securing a large portion of funding for their landmark acquisition of Swedish Match.”