Teva Signs New $2.3 Billion Syndicated Revolving Credit Facility
10 April 2019 - 10:00PM
Business Wire
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) announced today
that it has entered into a new $2.3 billion unsecured revolving
credit facility, which replaces its existing $3.0 billion credit
facility.
“By signing this new revolving credit facility, with its
extended and flexible terms, we took another step on our financial
strategy and secured ample contingent liquidity to support Teva's
financing needs in the coming years," stated Mike McClellan,
Executive Vice President and Chief Financial Officer of Teva. “We
achieved all goals we set to ourselves in this refinancing
exercise, particularly optimizing the overall size of the facility,
and we were very pleased to see the significant demand to commit,
demonstrating the strong support from our existing relationship
banks as well as from additional new banks.”
Bank of America, Merrill Lynch and HSBC Bank plc are
Coordinating Bookrunners and Mandated Lead Arrangers for the
facility. The syndicate also includes Barclays Bank PLC, BNP
Paribas, Citibank N.A., Credit Suisse AG, Goldman Sachs Bank USA,
JPMorgan Chase Bank N.A., Mizuho Bank LTD., Morgan Stanley Bank
N.A., Morgan Stanley Senior Funding, INC., MUFG Bank LTD., Sumitomo
Mitsui Banking Corporation and PNC Bank National Association as
Bookrunners and Mandated Lead Arrangers, and Banca IMI as Lead
Arranger.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a
global leader in generic medicines, with innovative treatments in
select areas, including CNS, pain and respiratory. We deliver
high-quality generic products and medicines in nearly every
therapeutic area to address unmet patient needs. We have an
established presence in generics, specialty, OTC and API, building
on more than a century-old legacy, with a fully integrated R&D
function, strong operational base and global infrastructure and
scale. We strive to act in a socially and environmentally
responsible way. Headquartered in Israel, with production and
research facilities around the globe, we employ 45,000
professionals, committed to improving the lives of millions of
patients. Learn more at www.tevapharm.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, which are based on management’s current beliefs and
expectations and are subject to substantial risks and
uncertainties, both known and unknown, that could cause our future
results, performance or achievements to differ significantly from
that expressed or implied by such forward-looking statements.
Important factors that could cause or contribute to such
differences include risks relating to:
- our substantial indebtedness, which may
limit our ability to incur additional indebtedness, engage in
additional transactions or make new investments, may result in a
further downgrade of our credit ratings and in our inability to
raise debt or borrow funds in amounts or on terms that are
favorable to us;
- our ability to successfully compete in
the marketplace, including: that we are substantially dependent on
our generic products; competition for our specialty products,
especially COPAXONE®, our leading medicine, which faces competition
from existing and potential additional generic versions and
orally-administered alternatives; the uncertainty of commercial
success of AJOVY® and AUSTEDO®; competition from companies with
greater resources and capabilities; efforts of pharmaceutical
companies to limit the use of generics, including through
legislation and regulations; consolidation of our customer base and
commercial alliances among our customers; the increase in the
number of competitors targeting generic opportunities and seeking
U.S. market exclusivity for generic versions of significant
products; price erosion relating to our products, both from
competing products and increased regulation; delays in launches of
new products and our ability to achieve expected results from
investments in our product pipeline; our ability to take advantage
of high-value opportunities; the difficulty and expense of
obtaining licenses to proprietary technologies; and the
effectiveness of our patents and other measures to protect our
intellectual property rights;
- our business and operations in general,
including: failure to effectively execute our restructuring plan
announced in December 2017; uncertainties related to, and failure
to achieve, the potential benefits and success of our new senior
management team and organizational structure; harm to our pipeline
of future products due to the ongoing review of our R&D
programs; our ability to develop and commercialize additional
pharmaceutical products; potential additional adverse consequences
following our resolution with the U.S. government of our FCPA
investigation; compliance with sanctions and other trade control
laws; manufacturing or quality control problems, which may damage
our reputation for quality production and require costly
remediation; interruptions in our supply chain; disruptions of our
or third party information technology systems or breaches of our
data security; the failure to recruit or retain key personnel;
variations in intellectual property laws that may adversely affect
our ability to manufacture our products; challenges associated with
conducting business globally, including adverse effects of
political or economic instability, major hostilities or terrorism;
significant sales to a limited number of customers in our U.S.
market; our ability to successfully bid for suitable acquisition
targets or licensing opportunities, or to consummate and integrate
acquisitions; and our prospects and opportunities for growth if we
sell assets ;
- compliance, regulatory and litigation
matters, including: costs and delays resulting from the extensive
governmental regulation to which we are subject; the effects of
reforms in healthcare regulation and reductions in pharmaceutical
pricing, reimbursement and coverage; governmental investigations
into selling and marketing practices; potential liability for
patent infringement; product liability claims; increased government
scrutiny of our patent settlement agreements; failure to comply
with complex Medicare and Medicaid reporting and payment
obligations; and environmental risks;
- other financial and economic risks,
including: our exposure to currency fluctuations and restrictions
as well as credit risks; potential impairments of our intangible
assets; potential significant increases in tax liabilities; and the
effect on our overall effective tax rate of the termination or
expiration of governmental programs or tax benefits, or of a change
in our business;
and other factors discussed in our Annual Report on Form 10-K
for the year ended December 31, 2018, including the sections
thereof captioned "Risk Factors." Forward-looking statements speak
only as of the date on which they are made, and we assume no
obligation to update or revise any forward-looking statements or
other information contained herein, whether as a result of new
information, future events or otherwise. You are cautioned not to
put undue reliance on these forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190410005028/en/
IR ContactsKevin C. Mannix (215) 591-8912Ran Meir 972 (3)
926-7516PR ContactsUnited States Elizabeth DeLuca
(267)468-4329Israel Yonatan Beker 972 (54) 888-5898
Teva Pharmaceutical Indu... (NYSE:TEVA)
Historical Stock Chart
From Apr 2024 to May 2024
Teva Pharmaceutical Indu... (NYSE:TEVA)
Historical Stock Chart
From May 2023 to May 2024