Firm Advises Teva on $2.5 Billion Offering of Senior Notes

June 17, 2010

Teva expects to use proceeds to repay certain indebtedness, pay a portion of the purchase price for its recent acquisition of Merckle-ratiopharm group and for general corporate purposes.

On June 15, Willkie client Teva Pharmaceutical Industries Limited announced that it has successfully priced a $2.5 billion offering of senior notes. The debt offering, placed through Teva’s special purpose finance subsidiaries, consists of three tranches: $500 million of LIBOR+0.40% floating rate senior notes maturing in December 2011; $1.0 billion of 1.50% fixed rate senior notes maturing in June 2012; and $1.0 billion of 3.00% fixed rate senior notes maturing in June 2015. Teva expects to use the proceeds from this offering to repay certain indebtedness, pay a portion of the purchase price for its recent acquisition of Merckle-ratiopharm group and for general corporate purposes. Willkie advised Teva on the antitrust and competition aspects of the $5 billion ratiopharm acquisition. The firm also previously assisted Teva on its $8.9 billion acquisition of Barr Pharmaceuticals, its approximately $360 million acquisition of Bentley Pharmaceuticals, Inc., and its $400 million acquisition of CoGenesys, Inc. 

Headquartered in Israel, Teva is among the top 15 pharmaceutical companies in the world and is the leading generic pharmaceutical company. The company develops, manufactures and markets generic and innovative pharmaceuticals and active pharmaceutical ingredients. The current deal was handled by Jeffrey Hochman, Melinda Wang, Colin Daniels and Peter Jakes.