Pfizer Selling $31 Billion of Bonds in Fourth-Largest Deal Ever

Pfizer Inc. on Tuesday launched a $31 billion blue-chip bond sale, the fourth-biggest corporate notes offering ever.

(Bloomberg) — Pfizer Inc. on Tuesday launched a $31 billion blue-chip bond sale, the fourth-biggest corporate notes offering ever.

The pharmaceutical giant is selling debt in eight parts to help fund its purchase of biotechnology firm Seagen Inc., the person said. The longest portion of the deal, a 40-year bond, is expected to yield 1.6 percentage point over Treasuries, lower than earlier discussions for 1.8 percentage point, said the person, who asked not to be identified as the transaction is private.

Pfizer began marketing the deal to investors on Monday. Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc. and JPMorgan Chase & Co. are leading the sale.

Bloomberg is reaching out to the company.

More stories like this are available on bloomberg.com