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Pfizer plans four-part bond sale

Pfizer plans to raise $10.6bn from the sale of a four-part bond denominated in euros and sterling, according to a banker involved in the deal

Pfizer Inc plans to raise $10.6bn from the sale of a four-part bond denominated in euros and sterling, according to a banker involved in the deal.

The US pharmaceutical giant is selling €1.85bn of four-year bonds, €2bn of seven-year notes, and €2bn of 12-year debt. The New York company is also issuing £1.5bn of debt due in 2038.

The sale follows Pfizer's launch and completion of a five-part $13.5bn debt deal in the US. The proceeds will help fund Pfizer's $68bn takeover of Wyeth.

Pharma companies are tapping the debt markets to finance mergers and acquisitions, taking advantage of investor appetite for investment-grade corporate bonds.

Drugmakers and healthcare service providers have offered $20bn of bonds in euros and sterling this year, compared with an equivalent $1.2bn in all of 2008, according to data compiled by Bloomberg.

Bank of America/Merrill Lynch, Barclays, Citigroup, Goldman Sachs and JP Morgan are managing the sale of the Pfizer bond.

27th May 2009

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