Pfizer announces successful consent solicitation for Wyeth notes

By Devika Patel

Knoxville, Tenn., Oct. 30 - Pfizer Inc. announced it has received the requisite consents to amend the indenture of the following Wyeth securities:

• $1.5 billion 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.

D.F. King, the information agent and the tabulation agent, informed the company that, as of the expiration of the consent solicitation at 5 p.m. ET on Oct. 29, Pfizer had received the needed consents. As a result, Pfizer and Wyeth will amend the indenture governing the securities.

In addition, Pfizer will guarantee payment of any amounts owed on the securities and pay each consenting holder $1.50 for each $1,000 of notes.

As previously reported, 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.

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.

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.

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

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