Teva Pharmaceutical Industries (NYSE and TASE: TEVA) priced a multi-tranche senior notes offering totaling approximately USD 4.9 billion equivalent, with proceeds primarily earmarked to refinance higher-coupon debt and extend the company’s maturity profile.
The offering comprised EUR 1.5 billion and USD 3.2 billion across five tranches maturing between 2032 and 2037, with coupons ranging from 4.250% to 5.750%. The notes are senior unsecured obligations issued through Teva finance subsidiaries and guaranteed by the company, with settlement expected on or around September 16, 2026.
Teva plans to use the proceeds, together with cash on hand, to redeem several outstanding notes, including 6.750% debt due 2028, 7.375% and 7.875% sustainability-linked notes due 2029, and 8.125% sustainability-linked notes due 2031. The refinancing replaces a substantial portion of Teva’s higher-cost debt with longer-dated obligations carrying lower coupons, reducing near-term refinancing risk and interest expense.