Teva calls $36 million of 0.375% convertible debentures due 2022

By Laura Lutz

Des Moines, Oct. 16 - Teva Pharmaceutical Industries Ltd. subsidiary Teva Pharmaceutical Finance BV has called all of its outstanding 0.375% convertible senior debentures due 2022.

As of Sept. 30, about $36 million principal amount of the debentures remains outstanding. They originally were issued in principal amount of $450 million.

Holders may choose to convert their debentures into American Depositary Receipts until 5 p.m. ET on Nov. 15 at a conversion price of $21.4495 per share. That is a conversion ratio of about 46.6211 shares per $1,000 principal amount of debentures.

Teva expects holders to convert their debentures. If they all are converted, Teva would issue 1.7 million ADRs.

The company plans to redeem any unconverted debentures for par on Nov. 19.

Teva will pay its regular semiannual interest payment of $1.875 for each $1,000 principal amount of debentures on Nov. 15.

The Bank of New York (contact Maksim Genkin at 212 298-1528) is the conversion agent.

Teva is a Jerusalem-based pharmaceutical company.

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