Teva is redeeming $500 million worth of bonds bearing 5.55% annual interest.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) announced on Friday the early redemption of bonds due in 2016. Teva will redeem $500 million worth of bonds bearing 5.55% annual interest on March 22.
Teva has a market cap of $31.9 billion. The company will use its cash on hand to redeem the bonds. Teva had $2.88 billion cash at the end of 2012, and its debts totaled $14.7 billion.
In April 2012, Teva raised $3 billion, including €1 billion, CHF 450 million, and the refinancing of ¥100 billion ($1.2 billion at the time) of syndicated unsecured financing. These were Teva's first euro and Swiss franc debt issues and its first refinancing agreement in the Japanese market.
Published by Globes [online], Israel business news - www.globes-online.com - on March 3, 2013
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