Pfizer: launches 5 billion dollar debt refinancing

(CercleFinance.com) - Pfizer has launched a 5 billion dollars debt offering consisting of six tranches of notes that will refinance existing debt and fund general projects, the drugmaker said on Tuesday.


The deal includes 300 million dollars of floating rate notes due in 2023, 1 billion dollars of 3% notes due in 2021, 1 billion dollars of 3.2% notes due in 2023, 1 billion dollars of 3.6% notes due in 2028, 700 million dollars of 4.1% notes due in 2038 and 1 billion dollars of 4.2% notes due in 2048, it said.

Pfizer intends to use the net proceeds for general corporate purposes, including the refinancing, redemption or repurchase of existing debt and the repayment of a portion of its outstanding commercial paper.

The offering is expected to be closed on 7 September.

Citigroup, Credit Suisse, Merrill Lynch and Morgan Stanley are acting as joint book-running managers for the offering.



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