Teva Pharmaceutical Announces Multi-Tranche USD and EUR Senior Notes Offering
TEVA PHARMACEUTICAL INDUSTRIES LTD
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Filing Summary
📋 Teva Pharmaceutical Industries Ltd (TEVA) filed Form 424B5 for a preliminary multi-tranche senior notes offering in USD and EUR guaranteed by the parent company. Net proceeds are intended to fund conditional redemptions of near-term outstanding notes and for general corporate purposes.
Comprehensive Analysis
Offering Overview
Teva Pharmaceutical Industries Ltd. filed a preliminary prospectus supplement (Form 424B5) on September 8, 2026, relating to a multi-tranche senior debt offering through three of its Dutch financing subsidiaries:
- Teva Pharmaceutical Finance Netherlands II B.V.: Senior Notes due 2033 (EUR) and Senior Notes due 2036 (EUR)
- Teva Pharmaceutical Finance Netherlands III B.V.: Senior Notes due 2034 (USD) and Senior Notes due 2037 (USD)
- Teva Pharmaceutical Finance Netherlands IV B.V.: Senior Notes due 2032 (USD)
All notes will be fully and unconditionally guaranteed on a senior unsecured basis by Teva Pharmaceutical Industries Limited.
Use of Proceeds & Debt Refinancing
The net proceeds from the offering, along with cash on hand, are slated for:
- Conditional Redemptions: Refinancing existing indebtedness, including:
- Full redemption of outstanding 6.750% Senior Notes due 2028 (USD)
- Full redemption of outstanding 7.875% Sustainability-Linked Senior Notes due 2029 (USD)
- Full redemption of outstanding 7.375% Sustainability-Linked Senior Notes due 2029 (EUR)
- Up to $450 million aggregate principal amount of 4.750% Sustainability-Linked Senior Notes due 2027 (USD)
- Up to €1.25 billion aggregate principal amount of 4.375% Sustainability-Linked Senior Notes due 2030 (EUR)
- Payment of related fees and transaction expenses.
- General corporate purposes and potential further debt reduction.
Key Underwriters
- Active Joint Book-Running Managers: BNP PARIBAS, Citigroup, Goldman Sachs Bank Europe SE, J.P. Morgan
- Passive Joint Book-Running Managers: BofA Securities, HSBC, Mizuho
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