Teva will no longer redeem series A and B convertibles on June 21

By Toni Weeks

San Diego, May 31 - Teva Pharmaceutical Finance II, LLC said that it will not be redeeming its 0.5% series A convertible senior debentures due 2024 and its 0.25% series B convertible senior debentures due 2024 on June 21 as previously announced on May 20. Interest will continue to accrue on outstanding debentures.

According to a company announcement, Teva will honor requests until close of business on June 17 for conversion into American Depositary Shares at a conversion rate of 27.2598 for the series A convertibles, equivalent to a conversion price of $36.6841, and 29.3088 for the series B convertibles, equivalent to a conversion price of $34.1194.

Questions can be directed to Joellen McNamara, relationship manager for the trustee, the Bank of New York (212 815-5587).

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

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