Teva Pharmaceutical begins cash tender offer for six series of notes

By Rebecca Melvin

Concord, N.H., Oct. 27 – Israel’s Teva Pharmaceutical Industries Ltd. commenced a cash tender offer on Wednesday to purchase its 1¼% senior notes due 2023, 2.8% senior notes due 2023, 3¼% senior notes due 2022, 2.95% senior notes due 2022, 1 1/8% senior notes due 2024 and 6% senior notes due 2024 for a maximum combined purchase price of up to $3.5 billion, excluding accrued interest, according to a market source.

The offer expires at 11:59 p.m. ET on Nov. 24.

The company is also planning to price $4 billion equivalent senior unsecured sustainability-linked notes, split between euro-denominated tranches of 5.5 years and 8.5 years and dollar-denominated tranches of 5.5 years and 7.5 years.

BNP Paribas, BofA Securities, HSBC and JPMorgan are joint dealer managers for the tender offer and they are also arranging a series of fixed-income investor meetings in Europe and the United States beginning on Thursday regarding the planned issuance.

The pharmaceutical company is based in Tel Aviv.

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