Philip Morris $17 billion bridge facility for Swedish Match acquisition
We advised the borrower on the new bridge facility
Davis Polk advised Philip Morris International Inc., as borrower, in connection with a $17 billion senior unsecured bridge credit facility for Philip Morris, being provided in connection with its proposed acquisition of Swedish Match AB.
Philip Morris is a leading international tobacco company with a current product portfolio primarily consisting of cigarettes and smoke-free products, including heat-not-burn, vapor and oral nicotine products, which are sold in markets outside the United States. As of March 31, 2022, PMI’s smoke-free products are available for sale in 71 markets.
Swedish Match develops, manufactures and sells quality products with market-leading brands in the product segments Smokefree, Cigars and Lights. Production is located in seven countries, with sales concentrated in the United States and Scandinavia.
The Davis Polk finance team included partner Vanessa L. Jackson and associates Phoebe Jin and Jenny Dai. The capital markets team included partner Joseph A. Hall and associate Moses Farzan Nekou. All members of the Davis Polk team are based in the New York office.