By Aleesia Forni
Virginia Beach, May 13 - Pfizer Inc. detailed its recent $4.5 billion sale of senior notes (A1/AA/) in five tranches, according to a FWP filed with the Securities and Exchange Commission.
The company priced $1 billion of 1.1% notes due 2017 with a spread of Treasuries plus 25 basis points.
The notes sold at 99.912 to yield 1.13%.
A second tranche was $500 million of floating-rate notes due 2017 priced at par to yield Libor plus 15 bps.
There was also $1.5 billion of 2.1% notes due 2019 sold at 99.811 to yield 2.15%, or Treasuries plus 48 bps.
Pfizer also priced $1 billion of 3.4% notes due 2024 with a spread of Treasuries plus 80 bps.
The notes priced at 99.597 to yield 3.448%.
Finally, $500 million of 4.4% notes due 2044 priced at 99.669 to yield 4.42%, or Treasuries plus 95 bps.
The company had initially planned a four-tranche offering of notes, according to a preliminary prospect supplement filed with the Securities and Exchange Commission on Monday.
BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were the joint bookrunners. BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC and RBC Capital Markets, LLC were the passive bookrunners.
Proceeds will be used for general corporate purposes, including pre-funding the repayment at maturity of its 4.75% notes due December 2014 and a portion of its 5.35% notes due March 2015.
Pfizer is a New York City-based biopharmaceutical company.
| Issuer: | Pfizer Inc.
|
| Issue: | Fixed and floating-rate notes
|
| Total amount: | $4.5 billion
|
| Bookrunners: | BofA Merrill Lynch, Barclays, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
|
| Passive bookrunners: | BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC
|
| Senior co-managers: | Citigroup Global Markets Inc., HSBC Securities (USA) Inc.
|
| Co-managers: | RBS Securities Inc., Santander Investment Securities Inc., Drexel Hamilton, LLC, Loop Capital Markets LLC, Lebenthal & Co., LLC, The Williams Capital Group LP
|
| Trade date: | May 12
|
| Settlement date: | May 15
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: AA
|
| Distribution: | SEC-registered
|
|
|
| Three-year fixed-rate notes
|
| Amount: | $1 billion
|
| Maturity: | May 15, 2017
|
| Coupon: | 1.1%
|
| Price: | 99.912
|
| Yield: | 1.13%
|
| Spread: | Treasuries plus 25 bps
|
| Make-whole call: | Treasuries plus 4 bps
|
|
|
| Three-year floating-rate notes
|
| Amount: | $500 million
|
| Maturity: | May 15, 2017
|
| Coupon: | Libor plus 15 bps
|
| Price: | Par
|
| Yield: | Libor plus 15 bps
|
|
|
| Five-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | May 15, 2019
|
| Coupon: | 2.1%
|
| Price: | 99.811
|
| Yield: | 2.14%
|
| Spread: | Treasuries plus 48 bps
|
| Make-whole call: | Treasuries plus 7 bps
|
|
|
| 10-year notes
|
| Amount: | $1 billion
|
| Maturity: | 2024
|
| Coupon: | 3.4%
|
| Price: | 99.597
|
| Yield: | 3.448%
|
| Spread: | Treasuries plus 80 bps
|
| Make-whole call: | Treasuries plus 12 bps
|
|
|
| 30-year bonds
|
| Amount: | $500 million
|
| Maturity: | 2044
|
| Coupon: | 4.4%
|
| Price: | 99.669
|
| Yield: | 4.42%
|
| Spread: | Treasuries plus 95 bps
|
| Make-whole call: | Treasuries plus 15 bps
|
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