Pfizer to exchange some debt ahead of Zoetis initial public offering

By Angela McDaniels

Tacoma, Wash., Aug. 13 - Some holders of Pfizer Inc. debt will receive Zoetis Inc. equity in exchange for that debt, according to an S-1 filing with the Securities and Exchange Commission.

Pfizer currently owns all of Zoetis' class A common stock. It plans to spin off Zoetis through an initial public offering. The underwriters are J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Morgan Stanley & Co. LLC.

In exchange for the Pfizer debt they hold, some affiliates of the underwriters will receive all of the Zoetis class A shares. The affiliates will then sell these shares to the underwriters, which will sell them in the IPO. Pfizer will not receive any proceeds from the IPO.

The debt that is exchanged will be retired.

Pfizer is a pharmaceutical company. Zoetis makes animal health medicines and vaccines. Both are based in New York.

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