Teva prices $2.49B sustainability-linked senior notes; upsizes tender offer to $2.5B

TEVA PHARMACEUTICAL INDUSTRIES LTD

Priced €800M 7.375% notes due 2029, €500M 7.875% notes due 2031, $600M 7.875% notes due 2029, $500M 8.125% notes due 2031.
Upsized offering from $2.06B to $2.49B equivalent; increased tender offer max from $2.25B to $2.5B.
Proceeds to fund cash tender offers for six series of existing senior notes due 2023-2026 and repay debt.
Second sustainability-linked bond issuance; targets include improving medicine access in LMICs and reducing GHG emissions.
Settlement expected March 9, 2023; notes are unsecured senior obligations guaranteed by Teva.

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