Teva to redeem $813 million 1.75% convertible debentures due 2026

By Melissa Kory

Cleveland, Jan. 11 - Teva Pharmaceutical Industries Ltd. subsidiary Teva Pharmaceutical Finance Co. BV announced that it will redeem its outstanding $813 million of 1.75% convertible senior debentures due 2026.

The debentures will be redeemed on Feb. 1 at par.

Holders of the debentures may elect to convert their securities any time before 5 p.m. ET on Jan. 28 at a price of $50.0385, or 19.9846 American Depositary Shares per $1,000 principal amount of debentures.

Teva's stock closed at $54.22 on Jan. 10.

The cash amounts payable upon redemption or conversion will be made from cash on hand or bank facilities.

Bank of New York Mellon is the trustee and conversion agent.

Teva makes generic and human pharmaceuticals as well as active pharmaceutical ingredients. The company is based in Petach Tikva, Israel.

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