By Cristal Cody
Tupelo, Miss., March 25 – Pfizer Inc. sold $1.25 billion of 2.625% 10-year senior notes (A1/AA-) on Wednesday at a spread of Treasuries plus 185 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 237.5 bps area.
The notes priced at 99.65 to yield 2.665%.
BofA Securities Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used for eligible projects of Pfizer or any of its subsidiaries that have environmental and/or social benefits, including new projects and projects that have received funding in the three years prior to the issuance of the notes. These include spending on health care strengthening of low- and middle-income countries for underserved populations and for global health emergencies, including catalytic philanthropy to help make the world safer from infection, the filing said.
The biopharmaceutical company is based in New York.
| Issuer: | Pfizer Inc.
|
| Amount: | $1.25 billion
|
| Description: | Senior notes
|
| Maturity: | April 1, 2030
|
| Bookrunners: | BofA Securities Inc., Credit Suisse Securities (USA) LLC and Morgan Stanley & Co. LLC
|
| Senior co-managers: | Deutsche Bank Securities Inc. and RBC Capital Markets, LLC
|
| Co-managers: | BNP Paribas Securities Corp., Standard Chartered Bank, Academy Securities, Inc., Siebert Williams Shank & Co., LLC and Samuel A. Ramirez & Co., Inc.
|
| Coupon: | 2.625%
|
| Price: | 99.65
|
| Yield: | 2.665%
|
| Spread: | Treasuries plus 185 bps
|
| Call features: | Make-whole call before Jan. 1, 2030 at price equal to greater of par and Treasuries plus 30 bps; thereafter at par
|
| Trade date: | March 25
|
| Settlement date: | March 27
|
| Ratings: | Moody’s: A1
|
| S&P: AA-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 237.5 bps area
|
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