Filed Pursuant to Rule 433
Registration No. 333-269690
FINAL TERM SHEET
Philip Morris International Inc.
Dated February 9, 2024
4.750% Notes due 2027
4.875% Notes due 2029
5.125% Notes due 2031
5.250% Notes due 2034
| Issuer: | Philip Morris International Inc. |
| Offering Format: | SEC Registered |
| Security: | 4.750% Notes due 2027 (the “2027 Notes”) 4.875% Notes due 2029 (the “2029 Notes”) 5.125% Notes due 2031 (the “2031 Notes”) 5.250% Notes due 2034 (the “2034 Notes”) |
| Aggregate Principal Amount: | 2027 Notes: $750,000,000 2029 Notes: $1,000,000,000 2031 Notes: $1,250,000,000 2034 Notes: $1,750,000,000 |
| Maturity Date: | 2027 Notes: February 12, 2027 2029 Notes: February 13, 2029 2031 Notes: February 13, 2031 2034 Notes: February 13, 2034 |
| Coupon: | 2027 Notes: 4.750% 2029 Notes: 4.875% 2031 Notes: 5.125% 2034 Notes: 5.250% |
| Interest Payment Dates: | 2027 Notes: Semi-annually on each February 12 and August 12, commencing August 12, 2024 2029 Notes: Semi-annually on each February 13 and August 13, commencing August 13, 2024 2031 Notes: Semi-annually on each February 13 and August 13, commencing August 13, 2024 2034 Notes: Semi-annually on each February 13 and August 13, commencing August 13, 2024 |
| Record Dates: | 2027 Notes: January 28 and July 28 2029 Notes: January 29 and July 29 2031 Notes: January 29 and July 29 2034 Notes: January 29 and July 29 |
| Price to Public: | 2027 Notes: 99.373% of principal amount 2029 Notes: 99.070% of principal amount 2031 Notes: 98.557% of principal amount 2034 Notes: 97.811% of principal amount |
| Underwriting Discount: | 2027 Notes: 0.200% of principal amount 2029 Notes: 0.300% of principal amount 2031 Notes: 0.350% of principal amount 2034 Notes: 0.450% of principal amount |
| Net Proceeds: | 2027 Notes: $743,797,500 (before expenses) 2029 Notes: $987,700,000 (before expenses) 2031 Notes: $1,227,587,500 (before expenses) 2034 Notes: $1,703,817,500 (before expenses) |
| Benchmark Treasury: | 2027 Notes: 4.000% due January 15, 2027 2029 Notes: 4.000% due January 31, 2029 2031 Notes: 4.000% due January 31, 2031 2034 Notes: 4.500% due November 15, 2033 |
| Benchmark Treasury Price/Yield: | 2027 Notes: 99-07 ¾ / 4.278% 2029 Notes: 99-12 ¼ / 4.138% 2031 Notes: 98-30+ / 4.175% 2034 Notes: 102-15 / 4.188% |
| Spread to Benchmark Treasury: | 2027 Notes: +70 basis points 2029 Notes: +95 basis points 2031 Notes: +120 basis points 2034 Notes: +135 basis points |
| Yield to Maturity: | 2027 Notes: 4.978% 2029 Notes: 5.088% 2031 Notes: 5.375% 2034 Notes: 5.538% |
| Optional Redemption: | 2027 Notes: Make-whole redemption at Treasury plus 15 bps 2029 Notes: Prior to January 13, 2029: Make-whole redemption at Treasury plus 15 bps 2031 Notes: Prior to December 13, 2030: Make-whole redemption at Treasury plus 20 bps 2034 Notes: Prior to November 13, 2033: Make-whole redemption at Treasury plus 25 bps |
| Settlement Date (T+2): | February 13, 2024 |
| CUSIP/ISIN: | 2027 Notes: |
CUSIP Number: 718172 DF3 |
| 2029 Notes: | CUSIP Number: 718172 DG1 ISIN Number: US718172DG16 | |
| 2031 Notes: | CUSIP Number: 718172 DH9 ISIN Number: US718172DH98 | |
| 2034 Notes: | CUSIP Number: 718172 DJ5 ISIN Number: US718172DJ54 |
| Listing: | None |
| Joint Book-Running Managers: | Barclays Capital Inc. Citigroup Global Markets Inc. Mizuho Securities USA LLC BBVA Securities Inc. BofA Securities, Inc. Deutsche Bank Securities Inc. Goldman Sachs & Co. LLC HSBC Securities (USA) Inc. Santander US Capital Markets LLC SMBC Nikko Securities America, Inc. Standard Chartered Bank UBS Securities LLC Wells Fargo Securities, LLC |
| Co-Managers: | Bank of China (Europe) S.A. DBS Bank Ltd. Intesa Sanpaolo IMI Securities Corp. |
| Allocations: | 2027 Notes | 2029 Notes | 2031 Notes | 2034 Notes | ||||||||||||
| Barclays Capital Inc. | 71,250,000 | 95,000,000 | 118,750,000 | 166,250,000 | ||||||||||||
| Citigroup Global Markets Inc. | 71,250,000 | 95,000,000 | 118,750,000 | 166,250,000 | ||||||||||||
| Mizuho Securities USA LLC | 71,250,000 | 95,000,000 | 118,750,000 | 166,250,000 | ||||||||||||
| BBVA Securities Inc. | 50,250,000 | 67,000,000 | 83,750,000 | 117,250,000 | ||||||||||||
| BofA Securities, Inc. | 50,250,000 | 67,000,000 | 83,750,000 | 117,250,000 | ||||||||||||
| Deutsche Bank Securities Inc. | 50,250,000 | 67,000,000 | 83,750,000 | 117,250,000 | ||||||||||||
| Goldman Sachs & Co. LLC | 50,250,000 | 67,000,000 | 83,750,000 | 117,250,000 | ||||||||||||
| HSBC Securities (USA) Inc. | 50,250,000 | 67,000,000 | 83,750,000 | 117,250,000 | ||||||||||||
| Santander US Capital Markets LLC | 50,250,000 | 67,000,000 | 83,750,000 | 117,250,000 | ||||||||||||
| SMBC Nikko Securities America, Inc. | 50,250,000 | 67,000,000 | 83,750,000 | 117,250,000 | ||||||||||||
| Standard Chartered Bank | 50,250,000 | 67,000,000 | 83,750,000 | 117,250,000 | ||||||||||||
| UBS Securities LLC | 50,250,000 | 67,000,000 | 83,750,000 | 117,250,000 | ||||||||||||
| Wells Fargo Securities, LLC | 50,250,000 | 67,000,000 | 83,750,000 | 117,250,000 | ||||||||||||
| Bank of China (Europe) S.A. | 11,250,000 | 15,000,000 | 18,750,000 | 26,250,000 | ||||||||||||
| DBS Bank Ltd. | 11,250,000 | 15,000,000 | 18,750,000 | 26,250,000 | ||||||||||||
| Intesa Sanpaolo IMI Securities Corp. | 11,250,000 | 15,000,000 | 18,750,000 | 26,250,000 | ||||||||||||
| Total | $ | 750,000,000 | $ | 1,000,000,000 | $ | 1,250,000,000 | $ | 1,750,000,000 | ||||||||
No EEA or UK PRIIPs KID – No EEA or UK PRIIPs key information document (KID) has been prepared as the notes are not available to retail investors 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, Citigroup Global Markets Inc. toll free at 1-800-831-9146 or Mizuho Securities USA LLC toll free at 1-866-271-7403.