Teva Prices $4.9B Senior Notes to Refinance Higher-Cost Debt

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โดย Seeking Alpha·IL·Read original
Summary · why it matters

Teva Pharmaceutical Industries priced an offering of roughly $4.9 billion equivalent in senior notes, split across five tranches. The tranches comprise €1 billion of 4.25% senior notes due 2033, €500 million of 4.625% notes due 2036, $1 billion of 5.5% notes due 2034, $1 billion of 5.75% notes due 2037 and $1.2 billion of 5.25% notes due 2032. Teva expects to use the proceeds, along with cash on hand, to fund debt redemptions, related expenses and other corporate purposes. The company plans to redeem several existing notes, including its 6.75% notes due 2028, its 7.875% and 7.375% sustainability-linked notes due 2029, and portions of notes due 2027 and 2030, and it also expects to redeem all of its 8.125% sustainability-linked notes due 2031. Settlement of the new notes is expected on or around September 16.

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