Simpson Thacher Represents Joint Lead Arrangers, Joint Bookrunners and Initial Lenders in Bridge Financing Related to Philip Morris’ Acquisition of Swedish Match
05.16.22
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Simpson Thacher is representing Citibank Europe PLC, UK Branch and Bank of America Europe Designated Activity Company (and their respective affiliates) as joint lead arrangers, joint bookrunners and initial lenders in connection with a $17 billion bridge credit agreement for Philip Morris International Inc. (“PMI”) in connection with Philip Morris Holland Holdings B.V.’s (“PMHH”), an indirect wholly owned subsidiary of PMI, announced public cash offer to Swedish Match’s shareholders to transfer their shares in Swedish Match to PMHH (the “Offer”). Under the terms of the Offer, PMHH is offering SEK 106 per Swedish Match share in cash, which values the issued share capital of Swedish Match at approximately SEK 161.2 billion.
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.
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 the majority of the group sales coming from the U.S. and Scandinavia.
The Simpson Thacher team includes William Sheehan, Dean Masuda and Kyle Nelson (Banking and Credit); Michael Mann (Tax); and Pasco Struhs (ERISA).