Teva to raise $3.5b in debt

Teva Photo: Reuters Ammar Awad

The Israeli pharmaceutical company intends recycling some of its $32.5 billion debt through $3.5 billion worth of bond offerings.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) hopes to recycle some of its $32.5 billion debt through $3.5 billion worth of bond offerings.

The Israeli pharmaceutical company said today that it intends offering bonds worth $2.25 billion and €1 billion and to repay $3.8 billion worth of debt.

Teva said it would, "Use the net proceeds from the offerings to repay $2.3 billion outstanding indebtedness under its US dollar and Japanese yen term loan agreements and, together with cash on hand, to repay all $1.5 billion outstanding indebtedness under its 1.40% senior notes due 2018."

Teva took on $34 billion in debt in 2016 to fund the $40 billion acquisition of Allergan's generics division Actavis. At the end of the fourth quarter of 2018, the debt had been reduced to $32.5 billion following the sale of assets.

Published by Globes [online], Israel business news - www.globes-online.com - on February 28, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

Teva Photo: Reuters Ammar Awad
Teva Photo: Reuters Ammar Awad
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