Teva Pharmaceutical Industries Ltd. priced approximately $4.9 billion in senior notes on Wednesday, according to a filing. The offering is being issued through three subsidiaries: Teva Pharmaceutical Finance Netherlands II B.V., Teva Pharmaceutical Finance Netherlands III B.V., and Teva Pharmaceutical Finance Netherlands IV B.V.
The five tranches consist of two euro-denominated notes from Teva Pharmaceutical Finance Netherlands II — a €1 billion tranche maturing in 2033 at 4.250% and a €500 million tranche maturing in 2036 at 4.625%. From Teva Pharmaceutical Finance Netherlands III, the company is selling a $1 billion tranche due 2034 at 5.500% and another $1 billion tranche due 2037 at 5.750%. A third entity, Teva Pharmaceutical Finance Netherlands IV, is issuing a $1.2 billion tranche maturing in 2032 at 5.250%.
All notes constitute unsecured senior obligations of their respective issuers and are unconditionally guaranteed on a senior unsecured basis by Teva. The offering was made pursuant to an effective automatic shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on February 7, 2025.
Settlement is expected on or about September 16, 2026. Net proceeds, together with cash on hand, will be used to fund redemptions of certain existing notes, pay related fees and expenses, and finance general corporate purposes, including additional debt repayment.
On September 8, 2026, Teva issued notices of conditional redemption for several existing note series, including all outstanding 6.750% Senior Notes due 2028; all outstanding 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 €1.25 billion of 4.375% Sustainability-Linked Senior Notes due 2030.
Teva also expected to issue an additional notice of conditional redemption for all 8.125% USD Sustainability-Linked Senior Notes due 2031. Separately, the company planned to reduce the redemption amount for the 4.375% Sustainability-Linked Senior Notes due 2030 from €1.25 billion down to €1.15 billion.
