As the credit markets rnbegan to free up early this year, tobacco giant Altria Group jumped at the chance to refinance a $4.3 billion bridge loan that was scheduled to come due at the end of 2009. In February, the company replaced the debt, which had been used to finance last year's $11.7 billion acquisition of smokeless tobacco company UST, with $4.2 billion in longer-term bonds. Altria took advantage of the first easing in credit spreads since the credit crisis began nearly two years ago.
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