Pfizer Inc. started a private offer to exchange its outstanding 6.500% notes due 2038 with newly issued debt securities.

The total principal amount outstanding for the notes is £1.5 billion.

The exchange offer will expire at 5:00 p.m. New York time on Dec. 14, with settlement date expected to be Dec. 19.

Pfizer also announced that it started a tender offer to buy for cash its outstanding 5.750% notes due 2021. The total amount outstanding is €2 billion.