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Pfizer begins tender for $3.25 billion of 6.2% senior notes due 2019
By Susanna Moon
Chicago, Nov. 14 – Pfizer Inc. said it began a cash tender offer for its $3.25 billion of outstanding 6.2% senior notes due March 15, 2019.
Pricing will be set at 2 p.m. ET on Nov. 18 using the 1% U.S. Treasury notes due Nov. 15, 2019 plus 25 basis points for a hypothetical purchase price of $1,109.23 for each $1,000 principal amount.
The hypothetical purchase price was set at 2 p.m. ET on Nov. 10 with a settlement date of Nov. 21.
Holders will also receive accrued interest up to but excluding the payment date of Nov. 21.
The tender offer will end at 5 p.m. ET on Nov. 18.
Pfizer plans to issue a make-whole call for any notes remaining after the tender offer, according to a company announcement.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager. Global Bondholder Services Corp. (866 470-4300 or 212 430-3774) is the depositary and information agent.
Pfizer is a biopharmaceutical company based in New York.
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