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11 May 20232 minute read

DLA Piper advises Philip Morris International Inc. on the US$2.45 billion issuance of promissory notes

DLA Piper advised Philip Morris International Inc. (PMI) on the issuance of US$2.45 billion Notes, consisting of US$450 million of its 4.875 percent Notes due 2026, US$550 million of its 4.875 percent Notes due 2028, US$700 million of its 5.125 percent Notes due 2030 and US$750 million of its 5.375 percent Notes due 2033.

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 company’s current product portfolio primarily consists of cigarettes and smoke-free products. Since 2008, PMI has invested more than USD 10.5 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes.

“We are pleased to have supported our long-time client PMI on completing this note issuance and look forward to continuing to assist them in their vision of a smoke-free future,” said Sanjay Shirodkar, the DLA Piper partner who led the deal team.

In addition to Shirodkar, the DLA Piper team included partners Stasia Kelly (both in Washington, DC) and Anna Spence (New York) and associates Kim McKenzie (Raleigh), Danielle Cortez (New York) and Michael Slovak (Miami).