Pfizer eyes market for five-tranche note sale Tuesday

By Andrea Heisinger

New York, May 28 - Pfizer Inc. is expected to price notes (A1/AA/A+) in five tranches during Tuesday's session, according to a market source and a 424B3 filing with the Securities and Exchange Commission.

The offering is set to include a three-year note talked in the high Treasuries plus 40 basis points area, a five-year note talked in the low 50 bps area, a five-year floating-rate tranche with guidance at a Libor equivalent to the fixed-rate tranche of the same maturity, a 10-year note talked in the high 80 bps area, and a 30-year bond with guidance in the 100 bps area.

Bookrunners are Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. and RBS Securities Inc.

Proceeds will be used for general corporate purposes, including repayment at maturity of €1.85 billion 3.625% notes due in June, and to prefund repayment of a portion of outstanding 4.5% notes due in February 2014 and 5.5% notes due in February 2014.

The New York-based global biopharmaceutical company was last in the U.S. bond market with a $13.5 billion offering in five tranches on March 17, 2009.

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