Teva Pharmaceutical ups bond tranches to $1 billion and €1 billion, tightens talk; pricing Tuesday

By Paul A. Harris

Portland, Ore., Nov. 19 – Teva Pharmaceutical Industries tightened price talk on two upsized tranches of long five-year senior bullet notes (Ba2/BB) on Tuesday, according to market sources.

Teva Pharmaceutical Finance Netherlands III BV talked its upsized $1 billion offering of notes to yield 7 1/8% to 7¼%, revised from the 7½% area. Initial talk was in the high 7% area. The tranche size increased from $750 million.

Teva Pharmaceutical Finance Netherlands II BV talked its upsized €1 billion offering of notes to yield 6% to 6 1/8%, revised from the 6 3/8% area. Initial talk was in the mid-to-high 6% area. The tranche size increased from €750 million.

Final confirmations were due mid-morning, New York time. The Rule 144A and Regulation S with registration rights deal is set to price later on Tuesday.

Active bookrunner BNP Paribas will bill and deliver for the euro-denominated notes. Active bookrunner Citigroup Global Markets will bill and deliver for the dollar-denominated notes. Goldman Sachs is also an active bookrunner.

Barclays, BofA Securities, Credit Suisse, HSBC, JPMorgan, Mizuho, Morgan Stanley, MUFG and SMBC Nikko are the passive bookrunners.

Banca IMI and PNC are the co-managers.

The Petah Tikva, Israel-based pharmaceutical company plans to use the proceeds to partially repay its dollar-denominated 2021 series and for general corporate purposes.

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