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ALTRIA GROUP

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Altria : now taps U.S. bond market after Europe to fund Juul deal

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02/12/2019 | 09:30am EDT
A sign advertising Juul brand vaping products is seen outside a shop in Manhattan in New York City

(Reuters) - Marlboro maker Altria said on Tuesday it would issue bonds in the United States to help fund its purchase of a stake in fast-growing e-cigarette company Juul, a day after announcing a similar move in the European bond market.

The Richmond, Virginia-based tobacco company will issue the U.S. bonds in six tranches in denominations of $2,000 as it looks to pre-pay a term loan arranged by JPMorgan Chase, Altria said in a regulatory filing.

Altria said in December it was using a nearly $15 billion term-loan facility with JPMorgan to finance the $12.8 billion price tag for a 35 percent stake in Juul Labs Inc. The loan matures in December this year.

The money being raised will support Altria's purchase of Juul as well as Canadian cannabis producer Cronos Group, which it announced in December.

Its European bond issue is expected to raise 4.25 billion euros ($4.80 billion) in a four-part sale.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar)

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Financials ($)
Sales 2019 19 814 M
EBIT 2019 10 530 M
Net income 2019 7 675 M
Debt 2019 25 603 M
Yield 2019 6,36%
P/E ratio 2019 12,58
P/E ratio 2020 11,63
EV / Sales 2019 6,15x
EV / Sales 2020 6,04x
Capitalization 96 266 M
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Mean consensus OUTPERFORM
Number of Analysts 17
Average target price 59,5 $
Spread / Average Target 16%
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Managers
NameTitle
Howard A. Willard Chairman, CEO, COO & Executive Vice President
William F. Gifford Vice Chairman & Chief Financial Officer
George Muñoz Independent Director
Thomas F. Farrell Independent Director
Dinyar S. Devitre Independent Director
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