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  • July 1991 (Revised August 1991)
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Philip Morris Companies, Inc. (B)

By: Samuel L. Hayes III
  • Format:Print
  • | Pages:10
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Abstract

Looks at the company's plans for a new debt offering under the Rule 415 shelf underwriting provision--in this instance from the vantage point of the lead investment banker for the deal. The decision-maker must assess the risks of the issuer, the tone of the market, the price and commission to be set, and other details relating to the offering, including whether to use a syndicate, and whether to hedge. Gives students the opportunity to analyze the operating and financial data relating to a leading U.S. company in the context of a new debt offering. Students assume the role of the investment banker and can contrast the preoccupations of the vendor with those of the issuer.

Keywords

Risk Management; Stocks; Initial Public Offering; Consumer Products Industry; United States

Citation

Hayes, Samuel L., III. "Philip Morris Companies, Inc. (B)." Harvard Business School Case 292-006, July 1991. (Revised August 1991.)
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About The Author

Samuel L. Hayes

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More from the Author
  • Dual Class Share Companies By: Samuel L. Hayes III, Lynn S. Paine and Christopher Bruner
  • The Impact of Recombining Commercial and Investment Banking By: Samuel L. Hayes III
  • The Impact of Recombining Commercial and Investment Banking By: Samuel Hayes
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