July 27, 2016
Willkie represents longtime client Teva Pharmaceutical Industries in three multi-tranche, multi-market offerings of senior notes to finance its pending acquisition of Actavis Generics, the worldwide generic pharmaceutical business of Allergan plc.
Willkie client Teva pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) recently announced the pricing of three multi-tranche, multi-market offerings of senior notes aggregating $20.4 billion to finance its pending acquisition of Actavis Generics, the worldwide generic pharmaceutical business of Allergan plc. Teva completed debt offerings across three major markets consisting of the following tranches:
Announced July 18, 2016 ($15 Billion)
$1.5 billion of 1.400% fixed rate senior notes maturing in 2018
$2.0 billion of 1.700% fixed rate senior notes maturing in 2019
$3.0 billion of 2.200% fixed rate senior notes maturing in 2021
$3.0 billion of 2.800% fixed rate senior notes maturing in 2023
$3.5 billion of 3.150% fixed rate senior notes maturing in 2026
$2.0 billion of 4.100% fixed rate senior notes maturing in 2046
Announced July 20, 2016 (Approx. €4 Billion)
€1.75 billion of 0.375% fixed rate senior notes maturing in 2020
€1.50 billion of 1.125% fixed rate senior notes maturing in 2024
€0.75 billion of 1.625% fixed rate senior notes maturing in 2028
Announced July 21, 2016 (CHF 1 Billion)
CHF300 million of 0.125% fixed rate senior notes maturing in 2018
CHF350 million of 0.500% fixed rate senior notes maturing in 2022
CHF350 million of 1.000% fixed rate senior notes maturing in 2025
Willkie previously represented Teva in its December 2015 offerings of its American Depositary Shares and mandatory convertible preferred shares totaling an additional $7.425 billion.
Teva Pharmaceutical Industries Ltd. is a leading global pharmaceutical company that delivers high-quality, patient-centric healthcare solutions used by millions of patients every day. Headquartered in Israel, Teva is the world’s largest generic medicines producer, leveraging its portfolio of more than 1,000 molecules to produce a wide range of generic products in nearly every therapeutic area. Teva’s net revenues in 2015 amounted to $19.7 billion.
The multidisciplinary, cross-border Willkie deal team on the current transactions was led by partner Jeffrey Hochman and included partner Sean Ewen, as well as partners William Hiller and Jeffrey Goldfarb on the related bank financing.
