Teva to redeem 0.25%, 0.5% notes; holders may convert until June 17

By Melissa Kory

Cleveland, May 23 - Teva Pharmaceutical Industries Ltd. subsidiary Teva Pharmaceutical Finance II, LLC said it will redeem its $10,392,000 of 0.5% series A and $15,777,000 of 0.25% series B convertible senior debentures due 2024.

The debentures will be redeemed on June 21 at par plus accrued interest to the redemption date.

As an alternative to redemption, holders may convert their debentures into American Depository Shares until close of business on June 17.

The 0.5% debentures are convertible at a price of $36.6841 per ADS, based on a conversion rate of 27.2598 ADSs. Holders may convert their 0.25% debentures into at a conversion price of $34.1194 per ADS, based on a conversion rate of 29.3088 ADSs.

The company's shares (Nasdaq: TEVA) closed at $49.87 on May 20.

Bank of New York Mellon is the trustee.

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

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