TEL AVIV, Israel, May 19, 2025 (GLOBE NEWSWIRE) -- Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) ("Teva") announced today that it has commenced tender offers (the "Offers") to purchase for cash for a combined aggregate purchase price (exclusive of accrued and unpaid interest) of up to $2,000,000,000 (equivalent) (the "Total Maximum Amount") of the following series of notes issued by finance subsidiaries of Teva and guaranteed by Teva:
-- USD 3.150% Senior Notes due 2026, CUSIP 88167AAE1 / ISIN US88167AAE10
(Registered), issued by Teva Pharmaceutical Finance Netherlands III B.V.
(the "Pool 1 Notes");
-- USD 4.750% Sustainability-Linked Senior Notes due 2027, CUSIP 88167AAP6 /
ISIN US88167AAP66 (Registered), issued by Teva Pharmaceutical Finance
Netherlands III B.V. (the "Priority 2 Notes");
-- EUR 3.750% Sustainability-Linked Senior Notes due 2027, Common Code
240660709 / ISIN XS2406607098 (Registered), issued by Teva Pharmaceutical
Finance Netherlands II B.V. (the "Priority 3 Notes" and together with the
Priority 2 Notes, the "Pool 2 Notes");
-- USD 7.875% Sustainability-Linked Senior Notes due 2029, CUSIP 88167AAS0 /
ISIN US88167AAS06 (Registered), issued by Teva Pharmaceutical Finance
Netherlands III B.V. (the "Priority 4 Notes");
-- EUR 7.375% Sustainability-Linked Senior Notes due 2029, Common Code
259280443 / ISIN XS2592804434 (Registered), issued by Teva Pharmaceutical
Finance Netherlands II B.V. (the "Priority 5 Notes"); and
-- USD 8.125% Sustainability-Linked Senior Notes due 2031, CUSIP 88167AAR2 /
ISIN US88167AAR23 (Registered), issued by Teva Pharmaceutical Finance
Netherlands III B.V. (the "Priority 6 Notes," and together with the
Priority 4 Notes and the Priority 5 Notes, the "Pool 3 Notes," and the
Pool 3 Notes, together with the Pool 1 Notes and the Pool 2 Notes, the
"Notes").
Teva is engaging in the Offers to proactively manage and optimize its debt capital structure, and to extend the maturity profile of its debt. Teva expects to fund the Offers with the proceeds from the Financing Transaction (as defined below), together with cash on hand.
The Offers are being made pursuant and are subject to the terms and conditions set forth in the Offer to Purchase, dated May 19, 2025 (the "Offer to Purchase"), available via the offer website: https://clients.dfkingltd.com/teva (the "Offer Website"), including a condition to the Offers of the completion by Teva Pharmaceutical Finance Netherlands II B.V., Teva Pharmaceutical Finance Netherlands III B.V. and Teva Pharmaceutical Finance Netherlands IV B.V. of an offering of debt securities that commenced concurrently with the Offers, with minimum gross proceeds acceptable to Teva to fund the aggregate purchase price for Notes to be purchased pursuant to the Offers, on terms and subject to conditions reasonably satisfactory to Teva (the "Financing Transaction"). Below is a summary of certain terms of the Offers:
(Dollars or Euros per $1,000 or EUR1,000, as applicable, principal amount)
Reference
Pool Tender Caps Authorized Security or Bloomberg
Capped (Purchase Price Acceptance Denominations First Interpolated Reference Fixed Spread Tender Offer Early Total
Tender CUSIP / ISIN / Common Principal Amount (excluding Accrued Priority (principal Par Call Mid-Swap Page / (basis Consideration Tender Consideration
Offers Title of Notes Issuer Code Outstanding Interest))(1) Level(2) amount) Date Rate Screen points)(5) (3)(4) Premium (3)(6)
------- ---------------- --------------- ------------------------- ---------------- ------------------ ---------- ------------------ -------- ------------ --------- ----------------- ------------- -------- -------------
Teva
Pharmaceutical $2,000 and
Pool 1 Finance integral multiples
Tender 3.150% Senior Netherlands 88167AAE1 / of $1,000 in
Offers Notes due 2026 III B.V. US88167AAE10(Registered) $3,377,644,000 $1,550,000,000 1 excess thereof N/A N/A N/A N/A $931.50 $50.00 $981.50
------- ---------------- --------------- ------------------------- ---------------- ------------------ ---------- ------------------ -------- ------------ --------- ----------------- ------------- -------- -------------
Teva
4.750% Pharmaceutical $200,000 and
Pool 2 Sustainability- Finance integral multiples
Tender Linked Senior Netherlands 88167AAP6 / $250,000,000 of $1,000 in February
Offers Notes due 2027 III B.V. US88167AAP66(Registered) $1,000,000,000 (equivalent) 2 excess thereof 9, 2027 N/A N/A N/A $947.50 $50.00 $997.50
------- ---------------- --------------- ------------------------- ---------------- ------------------ ---------- ------------------ -------- ------------ --------- ----------------- ------------- -------- -------------
Teva
3.750% Pharmaceutical EUR100,000 and
Sustainability- Finance integral multiples
Linked Senior Netherlands II XS2406607098 / 240660709 of EUR1,000 in February
Notes due 2027 B.V. (Registered) EUR1,100,000,000 3 excess thereof 9, 2027 N/A N/A N/A EUR963.50 EUR50.00 EUR1,013.50
---------------- --------------- --------------------------------- ---------------- ------------------ ---------- ------------------ -------- ------------ --------- ----------------- ------------- -------- -------------
Teva
7.875% Pharmaceutical $200,000 and 3.875% U.S.
Pool 3 Sustainability- Finance integral multiples Treasury due
Tender Linked Senior Netherlands 88167AAS0 / US88167AAS06 $200,000,000 of $1,000 in June 15, April 30,
Offers Notes due 2029 III B.V. (Registered) $600,000,000 (equivalent) 4 excess thereof 2029 2030 FIT1 +135 See Note (4) $50.00 See Note (5)
------- ---------------- --------------- ------------------------- ---------------- ------------------ ---------- ------------------ -------- ------------ --------- ----------------- ------------- -------- -------------
Teva 2029 Euro
7.375% Pharmaceutical EUR100,000 and Notes
Sustainability- Finance integral multiples Interpolated IRSB
Linked Senior Netherlands II XS2592804434 / 259280443 of EUR1,000 in June 15, Mid-Swap EU<GO>
Notes due 2029 B.V. (Registered) EUR800,000,000 5 excess thereof 2029 Rate (7) +150 See Note (4) EUR50.00 See Note (5)
------- ---------------- --------------- ------------------------- ---------------- ------------------ ---------- ------------------ -------- ------------ --------- ----------------- ------------- -------- -------------
Teva
8.125% Pharmaceutical $200,000 and 3.875% U.S.
Sustainability- Finance integral multiples Treasury due
Linked Senior Netherlands 88167AAR2 / US88167AAR23 of $1,000 in June 15, April 30,
Notes due 2031 III B.V. (Registered) $500,000,000 6 excess thereof 2031 2030 FIT1 +155 See Note (4) $50.00 See Note (5)
(MORE TO FOLLOW) Dow Jones Newswires
May 19, 2025 04:52 ET (08:52 GMT)
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