fizer has completed a European debt offering of $10.5 billion, the proceeds of which will be used in part to fund its $68 billion acquisition of Wyeth.

Specifically, the New York-based drug giant said the notes consist of 1.85 billion euros of 3.625% notes due 2013, two 2 billion euros of 4.75% and 5.75% due 2016 and 2021, respectively. Pfizer has also placed £1.50 billion of 6.50% notes, due 2038.

The move comes after Pfizer placed bonds in the USA in March to raise around $13.5 billion. That involved a five-part issue which offered bonds that mature in two, three, six, ten and thirty years, with yields ranging from 3.25% to 7.25%.

As a result of the European offering, Pfizer said it has terminated a 364-day credit agreement it had taken out in March to fund the Wyeth acquisition. The company, which will also use the proceeds of the European offering for general corporate purposes and the refinancing of existing debt, did not use the facility.

News of the offering comes as the European Commission noted that it is now reviewing Pfizer takeover of Wyeth, on whether the deal breaches the continent’s competition rules.

The Commission will give its opinion on July 6 and decide whether any of the new entity’s assets need to be divested.