Drew & Napier acted as Singapore counsel to Pfizer Inc. and Pfizer Investment Enterprises Pte. Ltd. in fourth-largest US bond sale ever at US$31 billion
25 May 2023
A multi-disciplinary team from Drew & Napier, led by Directors Renu Menon, Ong Ken Loon and Benjamin Gaw, acted as Singapore Counsel to Pfizer Inc. and Pfizer Investment Enterprises Pte. Ltd. in the fourth-largest US bond sale ever at US$31 billion.
Drew’s corporate and finance teams advised on various aspects of the deal, including debt capital markets, financing, tax, and corporate matters and expertise was also drawn from our insolvency and disputes teams.
On 15 May 2023, Pfizer commenced a multi-series offering of senior unsecured notes consisting of eight tranches (collectively, the “Notes”) ranging from US$3 billion to US$6 billion aggregate principal amounts of between 4.450% to 5.340% Notes, with maturity dates expected to range from two to 40 years. The pharmaceutical giant raked in over US$85billion of orders for the Notes. The US$31 billion offering closed on 19 May 2023. The Notes were issued by Pfizer Investment Enterprises Pte. Ltd. and guaranteed by Pfizer Inc.
Net proceeds of the offering will be used as part of the financing of Pfizer’s proposed acquisition of Seagen Inc. – an American biotechnology company focused on developing and commercializing innovative, empowered monoclonal antibody-based therapies for the treatment of cancer.
You may read more about this deal on the Pfizer, Business Wire and Bloomberg articles and video respectively.