Teva Announces Successful Upsize of Sustainability-Linked Senior Notes Offering and Pricing of $5,000,000,000 of Sustainability-Linked Senior Notes.
ENPNewswire-November 3, 2021--Teva Announces Successful Upsize of Sustainability-Linked Senior Notes Offering and Pricing of $5,000,000,000 of Sustainability-Linked Senior Notes
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Release date- 02112021 - TEL AVIV, Israel-Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) ('Teva') announced that it successfully upsized and priced approximately $5,000,000,000 (equivalent) of its debut sustainability-linked senior notes (the 'Notes'). The principal amount of the offering was increased from the previously announced offering size of $4,000,000,000 (equivalent). Teva expects to use the net proceeds from the offerings to (i) fund the announced tender offer to purchase, for cash, its 1.250% Senior Notes due 2023, its 2.800% Senior Notes due 2023, its 3.250% Senior Notes due 2022, its 2.950% Senior Notes due 2022, its 1.125% Senior Notes due 2024 and its 6.000% Senior Notes due 2024 for a maximum combined aggregate purchase price (exclusive of accrued and unpaid interest) of up to $3,500,000,000 (as it may be amended prior to expiration thereof), (ii) to pay fees and expenses in connection therewith, (iii) to fund the repayment of outstanding debt upon maturity, tender offer or earlier redemption and (iv) to the extent of any remaining proceeds, for general corporate purposes.
This is the largest-ever offering of Sustainability-Linked Notes, and the first-ever issued by a generic medicine company. The transaction marks Teva's debut into Sustainable Finance and is tied to targets that include improving access to medicines in low- and middle-income countries (LMICs) and reducing greenhouse gas (GHG) emissions.
The Notes consist of (i) Teva Pharmaceutical Finance Netherlands II B.V.'s ('Teva Finance II') EUR1,100,000,000 aggregate principal amount of 3.750% EUR-denominated Sustainability-Linked Senior Notes maturing in 2027, (ii) Teva Finance II's EUR1,500,000,000 aggregate principal amount of 4.375% EUR-denominated Sustainability-Linked Senior Notes maturing in 2030, (iii) Teva Pharmaceutical Finance Netherlands III B.V.'s ('Teva Finance III' and, together with Teva Finance II, the 'Issuers') $1,000,000,000 aggregate principal amount of 4.750% USD-denominated Sustainability-Linked Senior Notes maturing in 2027 and (iv) Teva Finance III's $1,000,000,000 aggregate principal amount of 5.125% USD-denominated Sustainability-Linked Senior Notes maturing in 2029.
The settlement of the Notes is...
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