Pfizer Inc. completed the issuance of its first-ever sustainability bond worth $1.25 billion, which will mature April 1, 2030.

The 10-year bond will pay an interest of 2.625% semiannually. The sustainability bond, which will be used to manage the company's environmental and social impact, is the first of its kind for a biopharmaceutical company, according to a March 27 news release.

New York-based Pfizer will use the bond proceeds to manage its environmental initiatives, improve patient access to its medicines and vaccines, particularly among underserved populations.

The company also expects to strengthen its environmental strategies to enhance energy efficiency, water conservation and waste reduction, among other initiatives. Pfizer also seeks to support vulnerable population groups such as women, children under 5 years old and refugees.

Pfizer said the bond proceeds will support efforts to address the coronavirus pandemic and the threat of antimicrobial resistance. The proceeds will also support spending to strengthen health systems in low- and middle-income countries, including grants structured to motivate further private capital and other approaches to help address infectious disease in these populations.

The consultancy Sustainalytics, a provider of environmental, social and corporate governance research and ratings, reviewed Pfizer's sustainability bond framework and confirmed it supports various United Nations sustainable development goals, Pfizer noted in its news release.