Teva Pharmaceutical Industries Limited announced the issuance of $4.2 billion in aggregate principal amount of new senior notes on September 16, 2026. The offering consists of four separate series of debt, issued by various wholly owned subsidiaries of the company.
The Euro-denominated notes include €1.0 billion of 4.250% Senior Notes due 2033 and €500 million of 4.625% Senior Notes due 2036. The U.S. dollar-denominated notes include $1.0 billion of 5.500% Senior Notes due 2034, $1.0 billion of 5.750% Senior Notes due 2037, and $1.2 billion of 5.250% Senior Notes due 2032.
Interest on the Euro Notes is payable annually in arrears, beginning March 16, 2027, and September 16, 2027, respectively. Interest on the USD Notes is payable semi-annually, beginning January 16, 2027. The notes are senior unsecured obligations of the respective issuers and are guaranteed by Teva Pharmaceutical Industries Limited.
The company intends to use the net proceeds from the offering to fund conditional redemptions of certain existing notes, pay related fees and expenses, and for general corporate purposes, including the repayment of outstanding debt upon maturity, tender offers, or earlier redemption.
In connection with the conditional redemptions, Teva issued notices on September 8, 2026, and September 10, 2026, to redeem all outstanding 6.750% Senior Notes due 2028, all 7.875% and 7.375% Sustainability-Linked Senior Notes due 2029, up to $450 million of 4.750% Sustainability-Linked Senior Notes due 2027, and up to €1.15 billion of 4.375% Sustainability-Linked Senior Notes due 2030. Additionally, Teva intends to redeem all outstanding 8.125% USD Sustainability-Linked Senior Notes due 2031.
