Teva calls all $349 million of 0.75% convertibles

Pittsburgh, July 30 - Teva Pharmaceutical Industries Ltd. will redeem all of its outstanding $349 million of 0.75% convertible senior debentures due 2021 at par plus interest accrued to the Aug. 20 redemption date from Aug. 15, according to a company news release.

The regular semi-annual interest payment of $3.75 per $1,000 principal amount will be paid on Aug. 16 to holders as of Aug. 1.

Holders can convert their debentures into Teva's ADRs on or before 5 p.m. ET on Aug. 18 at a conversion price of $21.456 per share, or 46.607 shares per $1,000 principal amount.

If all holders convert their debentures as expected, Teva would issue about 16.3 million ADRs.

"The expected conversion will further strengthen our financial position and ratios with a reduction of a portion of our debt and the corresponding increase in shareholders equity and saving of interest expenses," chief financial officer Dan Seusskind said in the release.

Teva is a Jerusalem, Israel, generic pharmaceutical company.

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