Teva Pharmaceutical says almost all $349 million of 0.75% debentures converted

Pittsburgh, Aug. 20 - Teva Pharmaceutical Industries Ltd. said that virtually all of its $349 million outstanding of 0.75% convertible senior debentures due 2021 were converted into 16.3 million ADRs, according to a company news release.

"As a result, Teva's debt has been reduced by $349 million and shareholders equity has been increased by a like amount," chief financial officer Dan Seusskind said in the release.

Teva, a Jerusalem, Israel, generic pharmaceutical company, announced it was calling the convertibles on July 30 with the redemption to take place on Aug. 20. Holders could convert the securities at a price of 21.456 per share, or 46.607 shares per $1,000 principal amount, up to Aug. 18.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.