Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)
November 16 2022 - 06:02AM
Edgar (US Regulatory)
Filed Pursuant to Rule 433
Registration No. 333-236366
FINAL TERM SHEET
Philip Morris International Inc.
Dated November 15, 2022
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5.125% Notes due 2024
5.000% Notes due 2025
5.125% Notes due 2027
5.625% Notes due 2029
5.750% Notes due 2032
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| Issuer: |
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Philip Morris International Inc. |
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| Offering Format: |
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SEC Registered |
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| Security: |
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5.125% Notes due 2024 (the “2024 Notes”)
5.000% Notes due 2025 (the “2025 Notes”)
5.125% Notes due 2027 (the “2027 Notes”)
5.625% Notes due 2029 (the “2029 Notes”)
5.750% Notes due 2032 (the “2032 Notes”)
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| Aggregate Principal Amount: |
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2024 Notes: $1,000,000,000
2025 Notes: $750,000,000
2027 Notes: $1,500,000,000
2029 Notes: $1,250,000,000
2032 Notes: $1,500,000,000
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| Maturity Date: |
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2024 Notes: November 15, 2024
2025 Notes: November 17, 2025
2027 Notes: November 17, 2027
2029 Notes: November 17, 2029
2032 Notes: November 17, 2032
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| Coupon: |
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2024 Notes: 5.125%
2025 Notes: 5.000%
2027 Notes: 5.125%
2029 Notes: 5.625%
2032 Notes: 5.750%
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| Interest Payment Dates: |
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2024 Notes: Semi-annually on each May 15 and November 15,
commencing May 15, 2023
2025 Notes: Semi-annually on each May 17 and November 17,
commencing May 17, 2023
2027 Notes: Semi-annually on each May 17 and November 17,
commencing May 17, 2023
2029 Notes: Semi-annually on each May 17 and November 17,
commencing May 17, 2023
2032 Notes: Semi-annually on each May 17 and November 17,
commencing May 17, 2023
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| Record Dates: |
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2024 Notes: May 1 and November 1
2025 Notes: May 1 and November 1
2027 Notes: May 1 and November 1
2029 Notes: May 1 and November 1
2032 Notes: May 1 and November 1
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| Price to Public: |
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2024 Notes: 99.879% of principal amount
2025 Notes: 99.763% of principal amount
2027 Notes: 99.513% of principal amount
2029 Notes: 99.914% of principal amount
2032 Notes: 99.910% of principal amount
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| Underwriting Discount: |
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2024 Notes: 0.150% of principal amount
2025 Notes: 0.200% of principal amount
2027 Notes: 0.300% of principal amount
2029 Notes: 0.350% of principal amount
2032 Notes: 0.450% of principal amount
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| Net Proceeds: |
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2024 Notes: $997,290,000 (before expenses)
2025 Notes: $746,722,500 (before expenses)
2027 Notes: $1,488,195,000 (before expenses)
2029 Notes: $1,244,550,000 (before expenses)
2032 Notes: $1,491,900,000 (before expenses)
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| Benchmark Treasury: |
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2024 Notes: 4.375% due October 31, 2024
2025 Notes: 4.500% due November 15, 2025
2027 Notes: 4.125% due October 31, 2027
2029 Notes: 4.000% due October 31, 2029
2032 Notes: 4.125% due November 15, 2032
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| Benchmark Treasury Price/Yield: |
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2024 Notes: 100-02 /
4.340%
2025 Notes: 101-00+ /
4.136%
2027 Notes: 101-02 /
3.887%
2029 Notes: 100-31 /
3.840%
2032 Notes: 103-00 /
3.762%
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| Spread to Benchmark Treasury: |
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2024 Notes: +85 basis points
2025 Notes: +95 basis points
2027 Notes: +135 basis points
2029 Notes: +180 basis points
2032 Notes: +200 basis points
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| Yield to Maturity: |
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2024 Notes: 5.190%
2025 Notes: 5.086%
2027 Notes: 5.237%
2029 Notes: 5.640%
2032 Notes: 5.762%
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| Optional Redemption: |
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2024 Notes:
Make-whole redemption at Treasury plus 15 bps at any time
2025 Notes:
Make-whole redemption at Treasury plus 15 bps at any time
2027 Notes:
Prior to October 17, 2027: Make-whole redemption at Treasury
plus 25 bps
On or after October 17, 2027: Redemption at par
2029 Notes:
Prior to September 17, 2029: Make-whole redemption at Treasury
plus 30 bps
On or after September 17, 2029: Redemption at par
2032 Notes:
Prior to August 17, 2032: Make-whole redemption at Treasury
plus 30 bps
On or after August 17, 2032: Redemption at par
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| Settlement Date (T+2): |
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November 17, 2022 |
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| CUSIP/ISIN: |
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2024 Notes: CUSIP Number: 718172 CT4
ISIN Number: US718172CT46
2025 Notes: CUSIP Number: 718172 CU1
ISIN Number: US718172CU19
2027 Notes: CUSIP Number: 718172 CV9
ISIN Number: US718172CV91
2029 Notes: CUSIP Number: 718172 CW7
ISIN Number: US718172CW74
2032 Notes: CUSIP Number: 718172 CX5
ISIN Number: US718172CX57
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| Listing: |
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None |
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| Joint Book-Running Managers: |
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Barclays Capital Inc.
BofA Securities, Inc.
Citigroup Global Markets Inc.
Deutsche Bank Securities Inc.
Mizuho Securities USA LLC
SMBC Nikko Securities America, Inc.
BBVA Securities Inc.
Credit Suisse Securities (USA) LLC
HSBC Securities (USA) Inc.
Santander Investment Securities Inc.
Standard Chartered Bank
Wells Fargo Securities, LLC
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| Senior Co-Manager: |
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Bank of China (Europe) S.A. |
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| Co-Managers: |
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Commerz Markets LLC
Intesa Sanpaolo S.p.A.
MUFG Securities Americas Inc.
UBS Securities LLC
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Allocations:
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2024 Notes |
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2025 Notes |
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2027 Notes |
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2029 Notes |
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2032 Notes |
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BofA Securities, Inc.
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$ |
126,700,000 |
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$ |
95,025,000 |
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$ |
190,050,000 |
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$ |
158,375,000 |
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$ |
190,050,000 |
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Citigroup Global Markets Inc.
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$ |
119,000,000 |
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$ |
89,250,000 |
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$ |
178,500,000 |
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$ |
148,750,000 |
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$ |
178,500,000 |
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Mizuho Securities USA LLC
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$ |
73,000,000 |
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$ |
54,750,000 |
|
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$ |
109,500,000 |
|
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$ |
91,250,000 |
|
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$ |
109,500,000 |
|
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SMBC Nikko Securities America, Inc.
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$ |
73,000,000 |
|
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$ |
54,750,000 |
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$ |
109,500,000 |
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$ |
91,250,000 |
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$ |
109,500,000 |
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Barclays Capital Inc.
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$ |
67,000,000 |
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$ |
50,250,000 |
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$ |
100,500,000 |
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$ |
83,750,000 |
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$ |
100,500,000 |
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BBVA Securities Inc.
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$ |
60,700,000 |
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$ |
45,525,000 |
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$ |
91,050,000 |
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$ |
75,875,000 |
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$ |
91,050,000 |
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Credit Suisse Securities (USA) LLC
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$ |
60,700,000 |
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$ |
45,525,000 |
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$ |
91,050,000 |
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$ |
75,875,000 |
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$ |
91,050,000 |
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Deutsche Bank Securities Inc.
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$ |
60,700,000 |
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$ |
45,525,000 |
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$ |
91,050,000 |
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$ |
75,875,000 |
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$ |
91,050,000 |
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HSBC Securities (USA) Inc.
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$ |
60,700,000 |
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$ |
45,525,000 |
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$ |
91,050,000 |
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$ |
75,875,000 |
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$ |
91,050,000 |
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Santander Investment Securities Inc.
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$ |
60,700,000 |
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$ |
45,525,000 |
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$ |
91,050,000 |
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$ |
75,875,000 |
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$ |
91,050,000 |
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Standard Chartered Bank
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$ |
60,700,000 |
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$ |
45,525,000 |
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$ |
91,050,000 |
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$ |
75,875,000 |
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$ |
91,050,000 |
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Wells Fargo Securities, LLC
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$ |
60,700,000 |
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$ |
45,525,000 |
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$ |
91,050,000 |
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$ |
75,875,000 |
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$ |
91,050,000 |
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Bank of China (Europe) S.A.
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$ |
39,000,000 |
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$ |
29,250,000 |
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$ |
58,500,000 |
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$ |
48,750,000 |
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$ |
58,500,000 |
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Commerz Markets LLC
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$ |
34,000,000 |
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$ |
25,500,000 |
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$ |
51,000,000 |
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$ |
42,500,000 |
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$ |
51,000,000 |
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MUFG Securities Americas Inc.
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$ |
31,000,000 |
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$ |
23,250,000 |
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$ |
46,500,000 |
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$ |
38,750,000 |
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$ |
46,500,000 |
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UBS Securities LLC
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$ |
7,000,000 |
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$ |
5,250,000 |
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$ |
10,500,000 |
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$ |
8,750,000 |
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$ |
10,500,000 |
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Intesa Sanpaolo S.p.A.
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$ |
5,400,000 |
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$ |
4,050,000 |
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$ |
8,100,000 |
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$ |
6,750,000 |
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$ |
8,100,000 |
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Total
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$ |
1,000,000,000 |
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$ |
750,000,000 |
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$ |
1,500,000,000 |
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$ |
1,250,000,000 |
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$ |
1,500,000,000 |
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No EEA or UK PRIIPs KID – No EEA or UK PRIIPs key
information document (KID) has been prepared as not available to
retail in the EEA or the UK.
The issuer has filed a registration statement (including a
prospectus) with the SEC for the offering to which this
communication relates. Before you invest, you should read the
prospectus in that registration statement and other documents the
issuer has filed with the SEC for more complete information about
the issuer and this offering. You may get these documents for free
by visiting EDGAR on the SEC website at www.sec.gov. Alternatively,
the issuer, any underwriter or any dealer participating in the
offering will arrange to send you the prospectus if you request it
by calling Barclays Capital Inc. toll free at 1-888-603-5847, BofA
Securities, Inc. toll free at 1-800-294-1322, Citigroup
Global Markets Inc. toll free at 1-800-831-9146, Deutsche
Bank Securities Inc. toll free at 1-800-503-4611, Mizuho
Securities USA LLC toll free at 1-866-271-7403, and SMBC
Nikko Securities America, Inc. toll free at 1-888-868-6856.
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