Teva amends credit facilities to provide greater covenant flexibility

By Sarah Lizee

Olympia, Wash., Sept. 19 – Teva Pharmaceutical Industries Ltd. made amendments to its dollar-denominated and yen-denominated term loan and revolving credit facilities to ease the covenants, according to a press release.

The amended leverage ratio covenants in the credit agreements allow a maximum leverage ratio of 5.0 times through and including Dec. 31, 2018, gradually declining to 3.5 times by Dec. 31, 2020.

As of June 30, the principal amount outstanding under the dollar-denominated term loan facility was $5 billion, the principal amount outstanding under the yen-denominated term loan facilities was $1.4 billion and the committed principal amount under the dollar-denominated revolving credit facility was $4.5 billion.

The amendments received the support of lenders holding about 98% of the loans and undrawn commitments across the five credit facilities.

Teva is a Jerusalem-based pharmaceutical company.

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