Exhibit 4.5
REGISTERED
No.
ALTRIA GROUP, INC.
9.25% NOTES DUE 2019
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PRINCIPAL AMOUNT
$
CUSIP NO. 02209S AJ2
ISIN NO. US02209SAJ24
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THIS NOTE IS A GLOBAL SECURITY
WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A
WHOLE BY THE DEPOSITORY TRUST COMPANY (THE
“DEPOSITARY”) TO A NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.
ALTRIA GROUP, INC., a Virginia
corporation (hereinafter called the “Company”, which
term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to
pay to Cede & Co. or registered assigns, the principal sum
of
$
on August 6, 2019, and to pay interest thereon from
February 6, 2009 or from the most recent Interest Payment Date
to which interest has been paid or duly provided for, semi-annually
in arrears on February 6 and August 6 in each year,
commencing August 6, 2009 at the rate of 9.25% per annum
until the principal hereof is paid or made available for
payment.
The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date
will, as provided in the Indenture, be paid to the Person in whose
name this Note (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for
such interest, which shall be January 22 or July 22
(whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Any such interest not so punctually
paid or duly provided for shall forthwith cease to be payable to
the Holder on such Regular Record Date and may be paid to the
Person in whose name this Note (or one or more
Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee for the Notes, notice
whereof shall be given to Holders of Notes not less than 10 days
prior to such Special Record Date, or may be paid at any time in
any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Notes may be listed, and upon
such notice as may be required by such exchange, all as more fully
provided in said Indenture.
Payment of the principal of (and
premium, if any) and interest on this Note will be made at the
office or agency of the Company maintained for that purpose in the
Borough of Manhattan, The City of New York, in such coin or
currency of the United States of America, as at the time of payment
is legal tender for payment of public and private debts;
provided , however , that at the option of the
Company payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear
on the Securities Register or by wire transfer at such place and to
such account at a banking institution in the United States as may
be designated in writing to the Trustee at least 15 days prior to
the date for payment by the person entitled thereto. All payments
of principal, premium, if any, and interest in respect of this Note
will be made by the Company in immediately available
funds.
Additional provisions of this Note
are contained on the reverse hereof, and such provisions shall have
the same effect as though fully set forth in this place.
Unless the certificate of
authentication hereon has been executed by or on behalf of the
Trustee for the Notes by manual signature, this Note shall not be
entitled to any benefit under the Indenture, or be valid or
obligatory for any purpose.
IN WITNESS WHEREOF, ALTRIA GROUP,
INC. has caused this instrument to be duly executed.
Dated:
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ALTRIA GROUP,
INC.
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By:
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Name:
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William F.
Gifford, Jr.
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Title:
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Vice President
and Treasurer
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CERTIFICATE OF
AUTHENTICATION
This is one of the Securities of the
series designated therein described in the within-mentioned
Indenture.
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DEUTSCHE BANK TRUST COMPANY AMERICAS,
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as
Trustee
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By: DEUTSCHE BANK NATIONAL TRUST COMPANY
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By:
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Authorized
Signatory
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(Reverse of Note)
ALTRIA GROUP, INC.
This Note is one of a duly
authorized issue of debentures, notes or other evidences of
indebtedness (hereinafter called the “Securities”) of
the Company of the series hereinafter specified, which series is
limited in aggregate principal amount to $2,200,000,000 (except as
provided in the Indenture hereinafter mentioned), all such
Securities issued and to be issued under an Indenture, dated as of
November 4, 2008, among the Company, Philip Morris USA Inc.,
as Guarantor, and Deutsche Bank Trust Company Americas, as Trustee
(herein called the “Indenture”), to which Indenture and
all other indentures supplemental thereto reference is hereby made
for a statement of the rights and limitations of rights thereunder
of the Holders of the Securities and of the rights, obligations,
duties and immunities of the Trustee for each series of Securities
and of the Company, and the terms upon which the Securities are and
are to be authenticated and delivered. As provided in the
Indenture, the Securities may be issued in one or more series,
which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest, if any,
at different rates, may be subject to different redemption
provisions, if any, may be subject to different sinking, purchase
or analogous funds, if any, may be subject to different covenants
and Events of Default and may otherwise vary as in the Indenture
provided or permitted. This Note is one of a series of the
Securities designated therein as 9.25% Notes due 2019 (the
“Notes”).
Guarantee
The Notes have the benefit of the
unconditional guarantee by the Guarantor to pay the principal of,
and premium, if any, and interest, if any, on the Notes, according
to the terms of and as more fully described in the Indenture and
the related Guarantee Agreement executed by the Guarantor on the
date hereof.
Interest Rate
Adjustment
The interest rate payable on the
Notes will be subject to adjustments from time to time if either
Moody’s Investors Service, Inc., a subsidiary of
Moody’s Corporation, and its successors
(“Moody’s”), or Standard & Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc.,
and its successors (“S&P”), or, in either case, any
Substitute Rating Agency (as defined below) thereof downgrades (or
subsequently upgrades) the debt rating assigned to the Notes, in
the manner described below.
If the rating from Moody’s (or
any Substitute Rating Agency thereof) of the Notes is decreased to
a rating set forth in the immediately following table, the interest
rate on the Notes will increase such that it will equal the
interest rate payable on the Notes on their Issue Date plus the
percentage set forth opposite the ratings from the table
below:
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Percentage
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Ba1
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0.25
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%
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Ba2
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0.50
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%
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Ba3
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0.75
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%
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B1 or below
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1.00
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%
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*
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Including the
equivalent ratings of any Substitute Rating Agency.
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If the rating from S&P (or any
Substitute Rating Agency thereof) of the Notes is decreased to a
rating set forth in the immediately following table, the interest
rate on the Notes will increase such that it will equal the
interest rate payable on the Notes on their Issue Date plus the
percentage set forth opposite the ratings from the table
below:
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Percentage
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BB+
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0.25
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%
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BB
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0.50
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%
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BB-
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0.75
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%
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B+ or below
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1.00
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%
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*
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Including the
equivalent ratings of any Substitute Rating Agency.
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If at any time the interest rate on
the Notes has been adjusted upward and either Moody’s or
S&P (or, in either case, a Substitute Rating Agency thereof),
as the case may be, subsequently increases its rating of the Notes
to any of the threshold ratings set forth above, the interest rate
on the Notes will be decreased such that the interest rate for the
Notes equals the interest rate payable on the Notes on their Issue
Date plus the percentages set forth opposite the ratings from the
tables above in effect immediately following the increase. If
Moody’s (or any Substitute Rating Agency thereof)
subsequently increases its rating of the Notes to Baa3 (or its
equivalent, in the case of a Substitute Rating Agency) or higher,
and S&P (or any Substitute Rating Agency thereof) increases its
rating to BBB- (or its equivalent, in the case of a Substitute
Rating Agency) or higher the interest rate on the Notes will be
decreased to the interest rate payable on the Notes on their Issue
Date. In addition, the interest rates on the Notes will permanently
cease to be subject to any adjustment described above
(notwithstanding any subsequent decrease in the ratings by either
or both of Moody’s and S&P) if the Notes become rated A3
and A- (or the equivalent of either such rating, in the case of a
Substitute Rating Agency) or higher by Moody’s and S&P
(or, in either case, a Substitute Rating Agency thereof),
respectively (or one of these ratings if the Notes are only rated
by one rating agency).
Each adjustment required by any
decrease or increase in a rating set forth above, whether
occasioned by the action of Moody’s or S&P (or, in either
case, a Substitute Rating Agency thereof), shall be made
independent of any and all other adjustments. In no event shall
(1) the interest rate for the Notes of a series be reduced to
below the interest rate payable on their Issue Date or (2) the
total increase in the interest rate on the Notes exceed 2.00% above
the interest rate payable on the Notes on their Issue
Date.
No adjustments in the interest rate
of the Notes shall be made solely as a result of a rating agency
ceasing to provide a rating of the Notes. If at any time fewer than
two rating agencies provide a rating of the Notes for a reason
beyond the Company’s control, the Company will use its
commercially reasonable efforts to obtain a rating of the Notes
from a Substitute Rating Agency, to the extent one exists, and if a
Substitute Rating Agency exists, for purposes of determining any
increase or decrease in the interest rate on the Notes pursuant to
the tables above (a) such Substitute Rating Agency will be
substituted for the last rating agency to provide a rating of the
Notes but which has since ceased to provide such rating,
(b) the relative rating scale used by such Substitute Rating
Agency to assign ratings to senior unsecured debt will be
determined in good faith by an independent investment banking
institution of national standing appointed by the Company and, for
purposes of determining the applicable ratings included in the
applicable table above with respect to such Substitute Rating
Agency, such ratings will be deemed to be the equivalent ratings
used by Moody’s or S&P, as applicable, in such table and
(c) the interest rate on the Notes will increase or decrease,
as the case may be, such that the interest rate equals the interest
rate payable on the notes of such series on their Issue Date plus
the appropriate percentage, if any, set forth opposite the rating
from such Substitute Rating Agency in the applicable table above
(taking into account the provisions of clause (b) above) (plus
any applicable percentage resulting from a decreased rating by the
other rating agency). For so long as only one rating agency
provides a rating of the Notes, any subsequent increase or decrease
in the interest rate of the Notes necessitated by a reduction or
increase in the rating by the agency providing the rating shall be
twice the percentage set forth in the applicable table above. For
so long as none of Moody’s, S&P or a Substitute Rating
Agency provides a rating of the Notes, the interest rate on the
Notes will increase to, or remain at, as the case may be, 2.00%
above the interest rate payable on the notes of such series on
their Issue Date.
Any interest rate increase or
decrease described above will take effect from the first day of the
interest period during which a rating change requires an adjustment
in the interest rate. If Moody’s or S&P (or, in either
case, a Substitute Rating Agency thereof) changes its rating of the
Notes more than once during any particular interest period, the
last change by suc