Stockholm (NordSIP) – Pfizer announced the pricing of a sustainability bond of US$1 billion bond aggregate principal amount of 1.750% senior notes due 2031. The bond was set to yield 0.53 percentage point above Treasuries following initial price thoughts of around 0.75 percentage points, according to media reports.
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering.
Pfizer intends to use the net proceeds to finance or refinanc R&D expenses related to COVID-19 vaccine research and development, capital expenditures in connection with the manufacture and distribution of COVID-19 vaccines and other projects of Pfizer or any of its subsidiaries that have environmental and/or social benefits.
This is the second COVID-19 bond issued by Pfizer, following launch of a 2.625% 2030 sustainability bond in March 2020. On that occasion, Sustainalytics reviewed Pfizer’s sustainability bond framework and confirmed it supports various United Nations Sustainable Development Goals (SDGs). According to the second opinion, “Sustainalytics is of the opinion that the Pfizer Inc. Sustainability Bond Framework is credible, impactful and aligns with the Sustainability Bond Guidelines 2018.”
According to its latest results, Pfizer reported second-quarter 2021 revenues of US$19 billion, reflecting 86% operational growth. Excluding the effect of its COVID-19 vaccine, (BNT162b2), Pfizer’s revenues grew by 10%.
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