Item 1.01. Entry into a Material Definitive Agreement.

On September 20, 2022, Philip Morris International Inc. ("PMI") entered into an agreement, effective as of September 29, 2022 (the "Amendment and Extension Agreement"), to amend and extend the term of its existing $2.5 billion revolving credit facility, dated as of September 29, 2021 (as amended or modified from time to time, the "Credit Agreement"), with the lenders named therein, Citibank Europe PLC, UK Branch, as facility agent, and Citibank, N.A., as swingline agent. The Amendment and Extension Agreement extends the expiration date of the Credit Agreement from September 29, 2026 to September 29, 2027, pursuant to Section 2.24 of the Credit Agreement (the "Extension Period"), and amends the Credit Agreement to, among other things, replace the LIBOR-based interest rate applicable to U.S. Dollar denominated borrowings with a Secured Overnight Financing Rate ("SOFR")-based interest rate subject to certain adjustments specified in the Amendment and Extension Agreement. The Amendment and Extension Agreement includes commitments in the amount of $2.34 billion during the Extension Period and PMI has the ability to increase or obtain additional commitments under the Credit Agreement during the Extension Period, provided that total aggregate commitments shall in no event exceed $2.5 billion.

Except as set forth in the Amendment and Extension Agreement, all the other terms and conditions of the Credit Agreement remain in full force and effect.

Some of the lenders under the Credit Agreement and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory, commercial and investment banking services for PMI, for which they received or will receive customary fees and expenses. Certain affiliates of the lenders under the Credit Agreement are underwriters of certain of PMI's note issuances. PMI and some of its subsidiaries may enter into foreign exchange and other derivative arrangements with certain of the lenders under the Credit Agreement and their affiliates. In addition, certain of the lenders under the Credit Agreement, and their respective affiliates, act as dealers in connection with PMI's commercial paper programs.

The description above is a summary and is qualified in its entirety by the Amendment and Extension Agreement, which is filed as Exhibit 10.1 to this report and is incorporated herein by reference. The Credit Agreement was previously filed as Exhibit 10.1 to PMI's Current Report on Form 8-K (File No. 1-33708) filed on September 30, 2021.




Item 2.03.               Creation of a Direct Financial Obligation or an Obligation under an
                         Off-Balance Sheet Arrangement of a Registrant.

The information required by Item 2.03 and included under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.




Item 9.01.     Financial Statements and Exhibits.



(d)   Exhibits.



10.1                  Amendment and Extension Agreement, dated as of     September 2    0    ,
                    2022    , among PMI, the lenders named therein, Citibank Europe PLC, UK
                    Branch, as facility     agent, and Citibank, N.A., as swingline
                    agent    .



104                Cover Page Interactive Data File (the cover page XBRL tags are embedded
                   within the Inline XBRL document and contained in Exhibit 101)

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses