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Teva Pharmaceutical commences capped cash tender offer for six series of notes
By Rebecca Melvin
Concord, N.H., Oct. 27 Israels Teva Pharmaceutical Industries Ltd. commenced a cash tender offer on Wednesday to purchase six series of notes in two pools for a maximum combined purchase price of up to $3.5 billion, excluding accrued interest, according to a market source.
The offer expires at 11:59 p.m. ET on Nov. 24.
Pool 1 has a tender cap of $2.5 billion equivalent principal amount and includes the first four series, and Pool 2 has a tender cap of $900 million equivalent and includes the last two series. Both are listed in order of priority.
Holders who validly tender their notes at or prior to 5 p.m. ET on Nov. 9 are eligible to receive the total consideration, which includes an early tender premium of $30 per $1,000 or 30 per 1,000, as applicable.
The tender pricing is as follows:
1.3 billion principal amount outstanding of 1Ό% senior notes due 2023 (ISIN: XS1211040917), issued by Teva Pharmaceutical Finance Netherlands II BV for a total consideration of 998.75 per 1,000 principal amount of notes;
$3 billion outstanding of 2.8% senior notes due 2023 (Cusip: 88167AAD3) issued by Teva Pharmaceutical Finance Netherlands III BV for a total consideration of $1,010.00 per $1,000 principal amount of notes;
700 million outstanding of 3Ό% senior notes due 2022 (ISIN: XS1812903828 (registered), XS1789747265 (Rule 144A), XS1789745137 (Regulation S)), issued by Teva II for a total consideration of 1,005.68;
$844,373,000 outstanding of 2.95% senior notes due 2022 (Cusip: 88165FAG7) issued by Teva Pharmaceutical Finance Co. BV for a total consideration of $1,016.25 per $1,000 principal amount of notes;
1.5 billion outstanding of 1 1/8% senior notes due 2024 (ISIN: XS1439749281) issued by Teva II for a total consideration of 972.50; and
$1.25 billion outstanding of 6% senior notes due 2024 (Cusip: 88167AAL5) issued by Teva III for a total consideration of $1,063.75.
The company is also planning to price $4 billion equivalent senior unsecured sustainability-linked notes, split between euro-denominated tranches of 5.5 years and 8.5 years and dollar-denominated tranches of 5.5 years and 7.5 years.
BNP Paribas (212 841-3059, +33 1 557 77894), Merrill Lynch International (+44 20 7996 5420), HSBC Bank plc (+44 20 7992 6237 or collect at 212 525-5552) and J.P. Morgan Securities plc (+44 20 7134 2468, em_europe_lm@jpmorgan.com) are the joint dealer managers of the tender offer. and D.F. King (212 269-5550, +44 20 7920 9700, https://sites.dfkingltd.com/teva) is the information and tender agent.
The pharmaceutical company is based in Tel Aviv.
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