Teva subsidiaries price $3.2 billion and €1.5 billion in new senior notes
Teva Pharmaceutical Finance units issued five tranches of notes on September 16, 2026, with proceeds set to fund redemptions of existing debt.
On September 16, 2026, three wholly owned finance subsidiaries of Teva Pharmaceutical Industries Limited completed a multi-tranche debt offering, according to an 8-K filing. Teva Pharmaceutical Finance Netherlands II B.V. issued €1,000,000,000 of 4.250% Senior Notes due 2033 and €500,000,000 of 4.625% Senior Notes due 2036, while Teva Pharmaceutical Finance Netherlands III B.V. issued $1,000,000,000 of 5.500% Senior Notes due 2034 and $1,000,000,000 of 5.750% Senior Notes due 2037, and Teva Pharmaceutical Finance Netherlands IV B.V. issued $1,200,000,000 of 5.250% Senior Notes due 2032.1
Teva said it plans to use the net proceeds to fund redemptions of certain existing notes, to pay related fees and expenses, and, for any remaining proceeds, for general corporate purposes including repayment of outstanding debt at maturity, through a tender offer, or through earlier redemption.1 The euro notes and dollar notes are senior unsecured obligations of the respective issuing subsidiaries and are guaranteed on a senior unsecured basis by Teva.1
Regarding the redemptions the new proceeds are meant to fund, Teva issued notices of conditional redemption on September 8, 2026, covering all outstanding 6.750% Senior Notes due 2028, all outstanding 7.875% and 7.375% Sustainability-Linked Senior Notes due 2029, 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, followed by an additional notice on September 10, 2026 to redeem all outstanding 8.125% USD Sustainability-Linked Senior Notes due 2031 and to reduce the redemption amount of the 2030 euro notes to up to €1,150,000,000.1
The offering was registered under the Securities Act pursuant to Teva's Form S-3ASR registration statement filed February 7, 2025, with a preliminary prospectus supplement dated September 7, 2026 and a final prospectus supplement dated September 9, 2026.1
Fact check notes
- Imprecise
Teva subsidiaries price $3.2 billion and €1.5 billion in new senior notes
The 8-K states the notes were 'issued' (i.e., the offering closed/settled) on September 16, 2026, not merely 'priced.' The dollar and euro totals ($3.2B and €1.5B) are correctly summed from the tranche amounts, but describing the transaction as a 'pricing' understates that the notes were actually issued per the filing. - Checker's noteHeadline uses 'price' to describe the transaction, but the 8-K states the notes were 'issued' (i.e., the offering was completed/settled) on September 16, 2026, which is a more advanced stage than mere pricing.
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In total, the offering raised $3.2 billion across the three dollar-denominated tranches and €1.5 billion across the two euro-denominated tranches.
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Written by readthrough’s AI from the linked primary sources and fact-checked against them automatically before publishing. Where the check questioned a sentence, its note is shown above. Not investment advice.