Teva Pharmaceuticals in the market with fixed-, floating-rate notes

By Lisa Kerner

Charlotte, N.C., July 18 – Teva Pharmaceutical Finance Netherlands III BV is in the market with six series of fixed-rate senior notes and one series of floating-rate notes, according to a 424B5 filed with the Securities and Exchange Commission.

Payment of principal and interest is unconditionally guaranteed by Teva Pharmaceutical Industries Ltd.

Barclays, BofA Merrill Lynch, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., Mizuho Securities USA Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets Corp. and SMBC Nikko are the joint bookrunners.

Teva is expected to price more than $20 billion of notes in different currencies to fund its $40.5 billion acquisition of Allergan plc’s generic medicine business, according to market sources.

The company said when it announced the acquisition on July 27, 2015 that $33.75 billion in cash for the takeover will be financed through new equity, debt and cash on hand. The company reported it secured a $33.75 billion bridge facility commitment to fund the acquisition, including $27 billion of debt under a senior bridge loan credit facility and $6.75 billion of equity under an equity bridge loan credit facility.

Teva is a global pharmaceutical company based in Jerusalem.

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