Pfizer solicits consents to amend several series of Wyeth notes

By Jennifer Chiou

New York, Oct. 16 - Pfizer Inc. announced the start of a consent solicitation to amend the indenture of the following Wyeth securities:

• $1,497,580,000 of 6.7% notes due 2011;

• $2.42 million of 6.7% notes due 2011;

• $1.5 billion of 5.25% notes due 2013;

• $1.75 billion of 5.5% notes due 2014;

• $1 billion of 5.5% notes due 2016;

• $500 million of 5.45% notes due 2017;

• $250 million of 7.25% notes due 2023;

• $500 million of 6.45% notes due 2024;

• $750 million of 6.5% notes due 2034;

• $500 million of 6% notes due 2036; and

• $2 billion of 5.95% notes due 2037.

On Thursday, Pfizer completed its acquisition of Wyeth after the pharmaceutical giants agreed in January 2009 to combine in a cash-and-stock deal valued at $50.19 per share, or a total of about $68 billion.

The solicitation ends at 5 p.m. ET on Oct. 29.

The company is seeking consents from holders of a majority of each series of notes.

Those who submit consents will receive a payment of $1.50 per $1,000 principal amount of notes.

Wyeth announced in July that its stockholders overwhelmingly approved the merger agreement that gives them $33 per share in cash plus 0.985 of a share of Pfizer common stock for each Wyeth share held.

As already reported, on Wednesday, the Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in connection with the merger.

Pfizer said previously that while the proposed merger had received approval from the European Commission, Pfizer would divest a number of businesses in several national markets as well as Wyeth's manufacturing facility in Sligo, Ireland, to ease the commission's competition concerns.

D.F. King is the information agent and tabulation agent (800 735-3591 or call collect 212 269-5550). Questions regarding the consent solicitation/prospectus supplement may be directed to Barclays Capital at (800 438-3242 or call collect 212 528-7581).

Wyeth, located in Madison, N.J., has become a wholly owned subsidiary of New York-based Pfizer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.