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Pfizer Gets Consents From Debt Holders

From Associated Press (August 24, 2012)

NEW YORK -- Pfizer Inc. said Friday that holders of about $1.32 billion of its debt have agreed to changes to some of the debt’s conditions.

The drug company said that as of Thursday, it had received consents from holders of $461.6 million of 6.5 percent debt due 2018, $200 million of 6.75 percent debt due 2027 and $659 million of 6.6 percent debt due 2028.

The debt is related to Pfizer’s Pharmacia Corp. subsidiary. The company needed consents from holders representing more than half of both the 6.50 percent debt due 2018 and 6.6 percent debt due 2028, along with holders representing at least 66.66 percent of the 6.75 percent debt due 2027.

Pfizer said it expects to pay about $3 million to consenting holders on or about Friday as part of the agreement.

The company also said Friday that it extended its consent solicitation for its $20 million of 6.47 percent notes due 2018 and $2.5 million in 8.7 percent debt due 2021 from Thursday until this coming Monday.

Pfizer shares rose 30 cents to $24.03 in afternoon trading

Posted: August 2012