February 1, 2006
Willkie Assists Teva in $2.75 Billion Offering
Peter H. Jakes
, Jeffrey S. Hochman
, Richard L. Reinhold
On January 27, Willkie client Teva Pharmaceutical Industries Ltd. announced that it priced its offering of $2.75 billion of debt securities through several special purpose finance subsidiaries. The offering consists of: $1.5 billion of senior notes, of which $500 million will mature in 2016 and $1 billion will mature in 2036; $750 million of convertible senior debentures maturing in 2026; and $500 million of convertible senior debentures maturing in 2026. Teva expects to use the proceeds from the offering to refinance short term bank borrowings incurred in connection with its recent acquisition of IVAX Corporation. Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 20 pharmaceutical companies and among the largest generic pharmaceutical companies in the world. The company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients. The Willkie team advising on the offering includes partners Peter Jakes, Jeffrey Hochman, Cornelius Finnegan III and Richard Reinhold; and associates Morgan Elwyn, Christopher Peters, Thomas Mark, Scott Eisenberg and Lisa Eskenazi.