JERUSALEM--(BUSINESS WIRE)--Jul. 18, 2016--
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) announced
today that it successfully priced a debt offering by its special purpose
finance subsidiary Teva Pharmaceutical Finance Netherlands III B.V.,
consisting of the following tranches:
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$1.5 billion of 1.400% fixed rate senior notes maturing in 2018;
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$2.0 billion of 1.700% fixed rate senior notes maturing in 2019;
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$3.0 billion of 2.200% fixed rate senior notes maturing in 2021;
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$3.0 billion of 2.800% fixed rate senior notes maturing in 2023;
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$3.5 billion of 3.150% fixed rate senior notes maturing in 2026; and
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$2.0 billion of 4.100% fixed rate senior notes maturing in 2046.
The notes will be sold at a price of 99.914%, 99.991%, 99.835%, 99.666%,
99.734% and 99.167% of the principal amount thereof, respectively, and
will be guaranteed by Teva Pharmaceutical Industries Limited. Additional
senior, unsecured benchmark-sized offerings of EUR and/or
CHF-denominated multi-tranche debt securities are contemplated, subject
to market conditions.
“The strength of the demand, which was multiple times the size of the
offering, and the attractive prices, are a testament to Teva's financial
strength and strong reputation with investors,” said Eyal Desheh, Teva's
Chief Financial Officer.
The net proceeds from this offering will be approximately $14.9 billion,
after the underwriting discounts and estimated offering expenses payable
by Teva. Teva intends to use the net proceeds from this offering towards
the cash portion of the purchase price for its previously announced
acquisition of Allergan plc’s worldwide generic pharmaceuticals business
(“Actavis Generics”), to pay related fees and expenses, and/or otherwise
for general corporate purposes. Closing of the offering is expected on
July 21, 2016.
Barclays, BofA Merrill Lynch, BNP PARIBAS, Credit Suisse, HSBC, Mizuho
Securities, Citigroup, Morgan Stanley, RBC Capital Markets and SMBC
Nikko are acting as the joint book-running managers for the offering.
Rothschild & Co. acted as sole financial advisor to Teva in connection
with the offering.
The notes are being offered for sale pursuant to a prospectus and
related prospectus supplement that constitute a part of Teva’s effective
shelf registration statement filed with the U.S. Securities and Exchange
Commission (the “SEC”). Before making an investment, potential investors
should read the prospectus supplement and accompanying base prospectus,
together with the information incorporated by reference therein, and the
other documents that Teva has filed with the SEC for more complete
information about Teva and this offering. You may get these documents
for free by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, Teva, any underwriter or any dealer participating in this
offering will arrange to send you the prospectus and related prospectus
supplement if you request it by contacting Barclays Capital Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY
11717 at 1 (888) 603-5847 and barclaysprospectus@broadridge.com;
BNP Paribas Securities Corp., Attn: Syndicate Desk, 787 Seventh Avenue,
New York, NY 10019, at 1 (800) 854-5674; Credit Suisse Securities (USA)
LLC, Attn: Prospectus Department, One Madison Avenue, New York, NY 10010
at 1 (800) 221-1037 and newyork.prospectus@credit-suisse.com;
HSBC Securities (USA) Inc., Attn: Transaction Management Group, 452
Fifth Avenue, New York, NY 10018 at 1 (866) 811-8049; Merrill Lynch,
Pierce Fenner & Smith Incorporated, NC1-004-03-43, Attn: Prospectus
Department, 200 North College Street, 3rd Floor, Charlotte, NC 28255 at dg.prospectus_requests@baml.com;
or Mizuho Securities USA Inc., Attn: Debt Capital Markets, 320 Park
Avenue, 12th Floor, New York, NY 10022 at 1 (866) 271-7403.
This press release is for informational purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy any
security of Teva, nor will there be any sale of any such security in any
jurisdiction in which such offer, sale or solicitation would be
unlawful. The offering may be made only by means of the applicable
prospectus supplement and accompanying base prospectus.
In connection with the issue of the notes, one or more of the
underwriters (or persons acting on behalf of any of the underwriters)
may over-allot notes or effect transactions with a view to supporting
the market prices of the notes at a level higher than that which might
otherwise prevail. However, there is no assurance that such underwriters
(or persons acting on behalf of any such underwriter) will undertake
stabilization action. Such stabilizing, if commenced, may be
discontinued at any time and, if begun, must be brought to an end after
a limited period. Any stabilization action or overallotment must be
conducted by the relevant underwriter (or persons acting on behalf of
such underwriter) in accordance with all applicable laws and rules.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) 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. In specialty medicines, Teva has a world-leading
position in innovative treatments for disorders of the central nervous
system, including pain, as well as a strong portfolio of respiratory
products. Teva integrates its generics and specialty capabilities in its
global research and development division to create new ways of
addressing unmet patient needs by combining drug development
capabilities with devices, services and technologies. Teva’s net
revenues in 2015 amounted to $19.7 billion. For more information, visit www.tevapharm.com.
Teva’s Safe Harbor Statement under the U.S. Private Securities
Litigation Reform Act of 1995:
This release contains forward-looking statements, which are based on
management’s current beliefs and expectations and involve a number of
known and unknown risks and uncertainties that could cause our future
results, performance or achievements to differ significantly from the
results, performance or achievements expressed or implied by such
forward-looking statements. Important factors that could cause or
contribute to such differences include risks relating to: our ability to
develop and commercialize additional pharmaceutical products;
competition for our specialty products, especially Copaxone®
(which faces competition from orally-administered alternatives and a
generic version); our ability to consummate the acquisition of Allergan
plc’s worldwide generic pharmaceuticals business (“Actavis Generics”)
and to realize the anticipated benefits of such acquisition (and the
timing of realizing such benefits); the fact that following the
consummation of the Actavis Generics acquisition, we will be dependent
to a much larger extent than previously on our generic pharmaceutical
business; potential restrictions on our ability to engage in additional
transactions or incur additional indebtedness as a result of the
substantial amount of debt we will incur to finance the Actavis Generics
acquisition; the fact that for a period of time following the
consummation of the Actavis Generics acquisition, we will have
significantly less cash on hand than previously, which could adversely
affect our ability to grow; the possibility of material fines, penalties
and other sanctions and other adverse consequences arising out of our
ongoing FCPA investigations and related matters; our ability to achieve
expected results from investments in our pipeline of specialty and other
products; our ability to identify and successfully bid for suitable
acquisition targets or licensing opportunities, or to consummate and
integrate acquisitions; the extent to which any manufacturing or quality
control problems damage our reputation for quality production and
require costly remediation; increased government scrutiny in both the
U.S. and Europe of our patent settlement agreements; our exposure to
currency fluctuations and restrictions as well as credit risks; the
effectiveness of our patents, confidentiality agreements and other
measures to protect the intellectual property rights of our specialty
medicines; the effects of reforms in healthcare regulation and
pharmaceutical pricing, reimbursement and coverage; competition for our
generic products, both from other pharmaceutical companies and as a
result of increased governmental pricing pressures; governmental
investigations into sales and marketing practices, particularly for our
specialty pharmaceutical products; adverse effects of political or
economic instability, major hostilities or acts of terrorism on our
significant worldwide operations; interruptions in our supply chain or
problems with internal or third-party information technology systems
that adversely affect our complex manufacturing processes; significant
disruptions of our information technology systems or breaches of our
data security; competition for our specialty pharmaceutical businesses
from companies with greater resources and capabilities; the impact of
continuing consolidation of our distributors and customers; decreased
opportunities to obtain U.S. market exclusivity for significant new
generic products; potential liability in the U.S., Europe and other
markets for sales of generic products prior to a final resolution of
outstanding patent litigation; our potential exposure to product
liability claims that are not covered by insurance; any failure to
recruit or retain key personnel, or to attract additional executive and
managerial talent; any failures to comply with complex Medicare and
Medicaid reporting and payment obligations; significant impairment
charges relating to intangible assets, goodwill and property, plant and
equipment; the effects of increased leverage and our resulting reliance
on access to the capital markets; potentially significant increases in
tax liabilities; the effect on our overall effective tax rate of the
termination or expiration of governmental programs or tax benefits, or
of a change in our business; variations in patent laws that may
adversely affect our ability to manufacture our products in the most
efficient manner; environmental risks; and other factors that are
discussed in our Annual Report on Form 20-F for the year ended December
31, 2015 and in our other filings with the U.S. Securities and Exchange
Commission. Forward-looking statements speak only as of the date on
which they are made and we assume no obligation to update or revise any
forward-looking statements or other information, whether as a result of
new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160718006397/en/
Source: Teva Pharmaceutical Industries Ltd.
Teva Pharmaceutical Industries Ltd.
IR Contacts:
Kevin C.
Mannix, United States, (215) 591-8912
Ran Meir, United
States, (215) 591-3033
Tomer Amitai, Israel, 972 (3) 926-7656
or
PR
Contacts:
Iris Beck Codner, Israel, 972 (3) 926-7687
Denise
Bradley, United States, (215) 591-8974