Teva prices multi-tranche notes offering to fund redemption of five outstanding bond series
Teva's Dutch finance subsidiaries plan euro and dollar notes due 2032 through 2037, with proceeds earmarked to redeem called notes and repay debt.
Teva Pharmaceutical Industries filed a preliminary prospectus supplement dated September 7, 2026 for a new notes offering through three of its financing subsidiaries. Teva Pharmaceutical Finance Netherlands II B.V. is offering Senior Notes due 2033 and 2036 in euros, Teva Pharmaceutical Finance Netherlands III B.V. is offering USD notes due 2034 and 2037, and Teva Pharmaceutical Finance Netherlands IV B.V. is offering USD notes due 2032.1 Payment of principal and interest on all the notes is unconditionally guaranteed by Teva Pharmaceutical Industries Limited.1
The three issuing entities are described as indirect, wholly owned subsidiaries of Teva that exist solely to support this bond sale and earlier debt issuances they have carried out, without other business activity of their own.1
The filing states Teva expects to issue conditional redemption notices on September 8, 2026 covering several existing note series. These include all outstanding 6.750% Senior Notes due 2028, all outstanding 7.875% Sustainability-Linked Senior Notes due 2029 in dollars, all outstanding 7.375% Sustainability-Linked Senior Notes due 2029 in euros, up to $450,000,000 of 4.750% Sustainability-Linked Senior Notes due 2027, and up to €1,250,000,000 of 4.375% Sustainability-Linked Senior Notes due 2030.1 The redemptions are expected to be conditioned on completion of this new offering, though the new offering itself is not conditioned on the redemptions going through.1
After underwriting discounts and expenses, Teva plans to use net proceeds along with cash on hand to fund the redemptions, cover related fees, and apply any leftover funds to general corporate purposes, including repaying other debt at maturity or through tender offers or early redemption.1
Specific pricing, coupons, and total amounts were left blank in the preliminary filing, pending finalization ahead of the offering's completion. Joint book-running managers include BNP Paribas, Citigroup, Goldman Sachs Bank Europe SE and J.P. Morgan, with BofA Securities, HSBC and Mizuho as passive managers.1
Written by readthrough’s AI from the linked primary sources and fact-checked against them automatically before publishing. Not investment advice.