Teva prices $4.9B senior notes offering to refinance debt

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) has priced an offering of approximately $4.9 billion in senior notes, according to a company statement. Settlement is expected on or about Sept. 16, 2026, subject to customary closing conditions.

The offering consists of five tranches issued through Teva subsidiaries: €1 billion of 4.250% euro-denominated notes due 2033; €500 million of 4.625% euro-denominated notes due 2036; $1 billion of 5.500% dollar-denominated notes due 2034; $1 billion of 5.750% dollar-denominated notes due 2037; and $1.2 billion of 5.250% dollar-denominated notes due 2032.

Teva said it plans to use the net proceeds, along with cash on hand, primarily to fund the redemption of several existing note series. On Sept. 8, 2026, Teva issued conditional redemption notices covering its 6.750% Senior Notes due 2028, its 7.875% and 7.375% Sustainability-Linked Senior Notes due 2029, up to $450 million of its 4.750% Sustainability-Linked Senior Notes due 2027, and up to €1.15 billion of its 4.375% Sustainability-Linked Senior Notes due 2030. Teva also said it expects to issue an additional redemption notice covering all of its 8.125% USD Sustainability-Linked Senior Notes due 2031.

Any remaining proceeds are to be used for general corporate purposes, including repayment of other outstanding debt. The notes are unsecured senior obligations, guaranteed on a senior unsecured basis by Teva.

The offering was made pursuant to a shelf registration statement filed with the Securities and Exchange Commission on Feb. 7, 2025.

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