Teva launches USD4.9b international notes offering after credit upgrades
Teva Pharmaceutical Industries has launched a USD 4.9 billion international notes offering as part of a broader effort to refinance existing debt following recent credit rating upgrades.
The offering comprises US dollar- and euro-denominated senior notes. Teva plans to use the proceeds to repay existing bond series and for general corporate purposes, including debt due between 2027 and 2030.
The transaction follows S&P’s upgrade of Teva’s debt rating from BB+ to BBB-, bringing all three major international rating agencies to investment-grade ratings on the company’s debt. Teva ended the second quarter with approximately USD 16.6 billion in debt.
Herzog acted as Israeli counsel to BNP Paribas, Citigroup, Goldman Sachs, J.P. Morgan, and other banks in connection with the offering, with the team led by Ron Ben-Menachem, Mohammad Mawasi, Eldad Chamam, Dr. Ehab Farah, Ronen Avner, Eden Ressler, and Hillel Billauer.
Mayer Brown served as US counsel to the underwriters on the deal, led by David Becker.
