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Teva Pharmaceutical Industries Ltd Announces Pricing of $2.0 Billion Of Senior Notes


Thursday, 13 Dec 2012 05:45pm EST 

Teva Pharmaceutical Industries Ltd announced that it successfully priced a debt offering by its special purpose finance subsidiaries, consisting of two tranches: $700,000,000 of 2.250% fixed rate senior notes maturing in March 2020 issued by Teva Pharmaceutical Finance IV, LLC; and $1,300,000,000 of 2.950% fixed rate senior notes maturing in December 2022 issued by Teva Pharmaceutical Finance Company BV The notes will be sold at a price of $999.55 and $998.02 per $1,000 principal amount, respectively, and are rated A3 by Moody's Investor Services, A- by Standard & Poor's and A- by Fitch Ratings. The notes will be guaranteed by Teva Pharmaceutical Industries Limited. Teva intends to use the net proceeds from this offering to repay the approximately $700 million remaining outstanding under a term loan credit facility due in 2013 and 2014 and redeem the $1 billion outstanding principal amount of its 1.70% Senior Notes due November 2014 via a make-whole call. The balance will be used to repay other indebtedness and/or for general corporate purposes. . The offering is being made by a group of underwriters led by Barclays Capital Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC. Offers and sales of the senior notes may be made only by the related prospectus and prospectus supplement. Closing of the offering is expected on December 18, 2012.