February 27, 2015

Willkie assists longtime pharmaceutical client in multi-tier waterfall structure.

On February 27, Willkie client Teva Pharmaceutical Industries Ltd. announced it amended the terms of an earlier announced offer to increase the combined aggregate purchase price of the notes to $1.3 billion from $1 billion. Teva originally announced on February 12 a tender offer, to purchase for cash for a combined aggregate purchase price of up to $1 billion, of five series of senior notes issued by finance subsidiaries of Teva and guaranteed by Teva. The tender offer includes a waterfall structure in four tranches, with additional tender caps at two tiers.

Teva, a leading global pharmaceutical company and the world's largest generic medicines producer, expects to fund the tender offer through a future offering of Eurobonds or other senior notes, or borrowings under its existing credit facilities. The Willkie team was led by Jeffrey Hochman, and included Julian Golay and Alexis Anzelone.