By Ronda Fears
Nashville, Nov. 13 - Teva Pharmaceutical sold $375 million of 20-year convertible senior notes at par to yield 0.375% with an 18% initial conversion premium.
Lehman Brothers was bookrunning lead manager of the Rule 144A deal, which priced at the rich end of yield talk and cheap end of premium guidance. Price talk had been for a yield of 0.375% to 0.625% with an 18% to 22% initial conversion premium.
Teva Pharmaceutical Finance BV issued the notes, which will be guaranteed by parent Teva Pharmaceutical Industries Ltd.
Teva plans to use proceeds to fund its European and/or North American operations, working capital and other general corporate purposes outside of Israel, including any potential acquisitions.
Terms of the new deal are:
| Issuer: | Teva Pharmaceutical Finance BV
|
| Amount: | $375 million
|
| Greenshoe: | $75 million
|
| Lead manager: | Lehman Brothers (books)
|
| Co-manager: | Salomon Smith Barney
|
| Maturity date: | Nov. 15, 2022
|
| Coupon: | 0.3750%
|
| Issue price: | Par
|
| Yield: | | 0.375%
|
| Conversion premium: | 18%
|
| Conversion price: | $85.7978
|
| Conversion ratio: | 11.6553
|
| Call: | Non-callable for five years
|
| Put: | In years five, 10 and 15
|
| Expected Rating: | S&P: BBB-
|
| Settlement date: | Nov. 18
|
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