Philip Morris: $2.5bn five-year credit facility

(CercleFinance.com) - Philip Morris International has announced that it has entered into a financing agreement as part of its business transformation, with a revolving credit facility totalling 2.
5 billion dollars, which is valid for five years.

The group said that it is delighted with the broad commitment and support of the lenders for our first business transformation financing instrument, adding that this financing will support the group in its target to stop smoking and develop products that have a net positive impact on society.

The interest rate of the loan will be indexed to the company's performance as a percentage of sales generated by smoke-free products and the number of markets in which smoke-free products are offered.

The new revolving credit facility replaces the 3.5 billion dollar revolving credit facility that was due to expire on 1 October 2022, the company said.
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This seemingly good news appears to overshadow the company losing the dispute between it and BAT - after closing up 1% yesterday the Philip Morris share is afloat in pre-market trading today (+0.3%).


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