Teva Completes Multi-Billion Senior Notes Offering in USD and EUR to Refinance Debt

Executive Summary

On September 16, 2026, Teva Pharmaceutical Industries Ltd announced the completion of a major multi-currency debt offering through its wholly owned finance subsidiaries. The financing comprises €1.5 billion in EUR-denominated senior notes and $3.2 billion in USD-denominated senior notes, guaranteed on a senior unsecured basis by Teva.

Debt Offering Breakdown

1. Teva Pharmaceutical Finance Netherlands II B.V. (EUR Notes)

• €1,000,000,000 of 4.250% Senior Notes due March 16, 2033
  • Interest payable annually on March 16, starting March 16, 2027.
• €500,000,000 of 4.625% Senior Notes due September 16, 2036
  • Interest payable annually on September 16, starting September 16, 2027.

2. Teva Pharmaceutical Finance Netherlands III B.V. (USD Notes)

• $1,000,000,000 of 5.500% Senior Notes due January 16, 2034
  • Interest payable semi-annually on January 16 and July 16, starting January 16, 2027.
• $1,000,000,000 of 5.750% Senior Notes due January 16, 2037
  • Interest payable semi-annually on January 16 and July 16, starting January 16, 2027.

3. Teva Pharmaceutical Finance Netherlands IV B.V. (USD Notes)

• $1,200,000,000 of 5.250% Senior Notes due January 16, 2032
  • Interest payable semi-annually on January 16 and July 16, starting January 16, 2027.

Use of Proceeds & Debt Optimization

Teva intends to utilize net proceeds to:

1. Execute conditional redemptions of existing debt, including:
   • 6.750% Senior Notes due 2028 (all outstanding)
   • 7.875% Sustainability-Linked Senior Notes due 2029 (all outstanding)
   • 7.375% Sustainability-Linked Senior Notes due 2029 (all outstanding)
   • Up to $450M of 4.750% Sustainability-Linked Senior Notes due 2027
   • Up to €1.15B of 4.375% Sustainability-Linked Senior Notes due 2030
   • 8.125% USD Sustainability-Linked Senior Notes due 2031 (all outstanding)
2. Pay associated transaction and refinancing fees/expenses.
3. Support general corporate purposes, including debt management.

Strategic Impact

This refinancing program meaningfully extends Teva's debt maturity profile into 2032–2037 while retiring higher-coupon debt (such as the 7.375%, 7.875%, and 8.125% series), optimizing long-term annual interest expense and strengthening liquidity.