Firm Advises Teva in $2 Billion Public Debt Offering and $3 Billion Credit Facility

December 18, 2012

Teva Pharmaceutical Industries Limited closes on two-tranche offering of senior notes, and announces new five-year, unsecured revolving credit facility.

On December 18, Willkie client Teva Pharmaceutical Industries Limited closed on its debt offering by its special purpose finance subsidiaries, consisting of two tranches:

  • $700 million of 2.250% fixed rate senior notes maturing in March 2020 issued by Teva Pharmaceutical Finance IV, LLC and
  • $1.3 billion of 2.950% fixed rate senior notes maturing in December 2022 issued by Teva Pharmaceutical Finance Company BV

The notes are guaranteed by Teva Pharmaceutical Industries Limited. The successful pricing of the offering was announced on December 13.

Separately, Teva announced on December 18 that it has entered into a new five-year, $3 billion unsecured revolving credit facility, which replaces its existing $2.5 billion credit facility.

Headquartered in Israel, Teva has approximately 46,000 employees around the world and $18.3 billion in net revenues in 2011. Teva is among the top pharmaceutical companies in the world and is the world’s largest generic pharmaceutical company, with a direct presence in about 60 countries.

Willkie recently assisted Teva in its debut EUR 1 billion and CHF 450 million debt offerings, and in its $5 billion offering of senior notes in the largest securities offering by an Israeli company.

The current offerings were handled by partner Jeffrey Hochman and associates Julian Golay, Rebecca Villarreal and Nicholas Cirella. The credit facility was handled by partner William Hiller and associate Mia Ellis.