Teva Launches Senior Notes Offering To Refinance Existing Debt
(RTTNews) - Teva Pharmaceutical Industries Limited (TEVA), a biopharmaceutical company, announced its intentions to issue senior notes through its special-purpose finance subsidiaries.
Teva Pharmaceutical Finance Netherlands II B.V. (Teva Finance II) intends to issue euro-denominated senior notes, while Teva Pharmaceutical Finance Netherlands III B.V. (Teva Finance III) and Teva Pharmaceutical Finance Netherlands IV B.V. (Teva Finance IV) intend to issue U.S. dollar-denominated senior notes. The offering is subject to market conditions.
The notes will be unsecured senior obligations of the issuing subsidiaries and will be unconditionally guaranteed on a senior basis by Teva.
Teva did not disclose the expected net proceeds from the offering. The company expects to use the net proceeds, together with cash on hand, to fund the redemption of certain outstanding notes, pay related fees and expenses, and for general corporate purposes, including debt repayment, through tender offers or earlier redemption.
The planned redemptions include all outstanding 6.750% senior notes due 2028, as well as the 7.875% and 7.375% sustainability-linked senior notes due 2029.
Additionally, Teva intends to redeem up to $450 million of 4.750% sustainability-linked senior notes due 2027, and up to €1.25 billions of 4.375% sustainability-linked senior notes due 2030.
The conditional redemptions are expected to depend on completion of the notes offering, while the offering itself is not conditioned on the redemptions. Teva may also modify the redemption amounts or redeem additional outstanding notes at its discretion.
As of June 30, 2026, cash and cash equivalents amounted to $3,655 million.
Teva shares have traded between $18.21 and $38.37 over the last year.
TEVA closed Friday's (04.09.2026) trade at $36.36, down 0.71%. In the after-hours trading on Friday, shares were up 2.28% at $37.19.
