Global biopharmaceutical company Pfizer announced the launch of a $1 billion sustainability bond offering, with the use of proceeds including funding R&D and capex for the company’s COVID-19 vaccine.

The 10-year bond has been priced at 1.75%, and Pfizer anticipates the closing of the offering to occur this week. The issue marks the second for Pfizer under its Sustainability Bond Framework, following a $1.25 billion 2.625% 10-year offering in March of last year.

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According to the company, proceeds from the offering will be used to finance or refinance research and development 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.