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Pfizer completes exchange, tender offers for notes

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Pfizer completes exchange, tender offers for notes

Pfizer Inc. completed the private offer to exchange its outstanding £1.5 billion 6.500% notes due 2038 with newly issued debt securities.

The company also completed its offer to purchase for cash any and all of its outstanding 2038 notes.

The company said £833.5 million of outstanding 2038 notes were validly tendered and accepted and subsequently canceled in the exchange offer, while £196.6 million of outstanding 2038 notes were validly tendered and accepted and subsequently canceled in the tender offer.

Following the completion, £470 million of the 2038 notes remains outstanding.

In connection with the exchange offer, the company issued £1.38 billion of 2.735% notes due 2043 in exchange for the validly tendered and accepted 2038 notes.

The new notes are unsecured general obligations of Pfizer and rank equally with all other unsecured and unsubordinated indebtedness of the company.

The 2038 notes offers expired on Dec. 14.