Teva says that the move is designed to reduce its finance costs.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) announced today that was making tender offers for its bonds to the tune of $1 billion, with the aim of reducing its finance costs. The company says that the buyback will be financed "through a future offering of Eurobonds or other senior notes, borrowings under its existing credit facilities and/or other available cash."
Teva is offering early redemption to holders of four of its bond series: 6.150% Senior Notes due 2036 issued by Teva Pharmaceutical Finance Company, LLC; 3.650% Senior Notes due 2021 issued by Teva Pharmaceutical Finance Company B.V. (“Teva BV”) and 3.650% Senior Notes due 2021 issued by Teva Pharmaceutical Finance IV B.V.; 2.950% Senior Notes due 2022 issued by Teva BV; and 2.400% Senior Notes due 2016.
Published by Globes [online], Israel business news - www.globes-online.com - on February 12, 2015
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Teva
Hillel Koren and Kobi Yeshayahou