Publications
Publications
- July 1991 (Revised August 1991)
- HBS Case Collection
Philip Morris Companies, Inc. (A)
Abstract
This large tobacco and diversified food processor is seeking to refinance debt funds raised to accomplish a large acquisition. It has filed a large "shelf" registration that authorizes it to issue during the subsequent two years. At the time of the case, the market looks attractive and the company's CEO is trying to decide whether to issue debt and, if so, in what form. Teaching objective: to familiarize students with the shelf registration form of underwriting, to analyze an issuer's operating and financial profile preparatory to going to the public market, and to assess the position the issuing company should take towards the investment bankers who want to be awarded the business.
Keywords
Citation
Hayes, Samuel L., III. "Philip Morris Companies, Inc. (A)." Harvard Business School Case 292-005, July 1991. (Revised August 1991.)