Teva obtains new $3b revolving credit

The new facility replaces the company's existing $2.5 billion credit facility.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) announced today that it had entered into a new five-year, $3.0 billion unsecured revolving credit facility, which replaces its existing $2.5 billion credit facility.

"By signing this new revolving credit facility, with its increased size and extended term, we took another step on our recently announced new strategy and secured ample liquidity to support Teva's future growth," said Teva CFO Eyal Desheh, “We were very pleased to see the significant oversubscription, demonstrating the strong desire from our relationship banks, as well as from additional new banks, to commit to this new facility.”

Citi and HSBC Bank plc are Coordinating Bookrunners and Mandated Lead Arrangers for the facility. The syndicate also includes Barclays Bank PLC, BNP Paribas, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, J.P. Morgan Limited and Morgan Stanley Senior Funding, Inc. as bookrunners and mandated lead arrangers, and Bank Leumi le-Israel B.M, DNB Bank ASA, PNC Bank and RBC Capital Markets as lead arrangers

Teva also announced today that its finance subsidiary Teva Pharmaceutical Finance IV, LLC had called for redemption its $1 billion outstanding principal amount of 1.700% senior notes due 2014 (CUSIP No. 88166H AA5). The redemption is being funded with proceeds from Teva’s offering of $2 billion principal amount of senior notes, which priced on December 13, 2012 and closed earlier today.

The redemption date will be January 7, 2013, and the redemption price will equal the principal amount of the notes plus a make whole premium calculated in accordance with the terms of the applicable indenture. On the redemption date, the redemption price, together with accrued and unpaid interest from November 10, 2012 to, but excluding, the redemption date, will become due and payable on the notes.

Published by Globes [online], Israel business news - www.globes-online.com - on December 18, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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