Teva plans senior notes offering to refinance existing debt

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) announced plans to issue senior notes through special purpose finance subsidiaries, according to a press release dated Sept. 7, 2026.

Two tranches are planned: EUR-denominated senior notes through Teva Pharmaceutical Finance Netherlands II B.V., and USD-denominated senior notes through Teva Pharmaceutical Finance Netherlands III B.V. and Teva Pharmaceutical Finance Netherlands IV B.V. The offering is subject to market conditions.

Teva said it intends to use the net proceeds, along with cash on hand, primarily to fund conditional redemptions of several existing note series. The targeted redemptions include all outstanding 6.750% Senior Notes due 2028, all outstanding 7.875% Sustainability-Linked Senior Notes due 2029, all outstanding 7.375% Sustainability-Linked Senior Notes due 2029, up to $450 million of 4.750% Sustainability-Linked Senior Notes due 2027, and up to €1.25 billion of 4.375% Sustainability-Linked Senior Notes due 2030.

Any remaining proceeds would be used for general corporate purposes, including repayment of outstanding debt. The conditional redemptions are expected to depend on the completion of the offering, though the offering itself is not conditioned on the redemptions.

The notes will be unsecured senior obligations of the issuing subsidiaries and will be unconditionally guaranteed by Teva on a senior basis. The offering is being made under an automatic shelf registration statement filed with the Securities and Exchange Commission on Feb. 7, 2025.

You May Also Be Interested In

• Sanofi to transfer 20 medicines and 3 plants to Cheplapharm
• 707 Cayman drops plan to acquire Crucial Innovation Inc.
• Addus HomeCare to acquire AccentCare personal care unit for $275M