- Teva Pharmaceutical (TEVA, Financial) increases its debt tender offer from $2.0 billion to $2.25 billion.
- Pool Tender Caps for Pool 2 and Pool 3 Notes raised to $350 million each.
- Early tender deadline set for June 2, 2025, with offer expiration on June 17, 2025.
Teva Pharmaceutical Industries Ltd. (TEVA) has announced an increase in its debt tender offer, raising the maximum tender amount from $2.0 billion to $2.25 billion. This move is part of the company's strategy to optimize its capital structure by buying back debt. The company has also increased the Pool Tender Caps for Pool 2 Notes and Pool 3 Notes, from $250 million and $200 million respectively to $350 million each.
This decision follows Teva's successful pricing of approximately $2.3 billion in senior notes on May 20, 2025. The tender offer encompasses multiple series of notes with diverse interest rates and maturities, organized into three pools. Notably, Pool 1 maintains a maximum amount of $1.55 billion, while both Pool 2 and Pool 3 now have caps of $350 million each.
The tender offer will expire at 5:00 p.m. Eastern Time on June 17, 2025. However, investors who tender their notes by the early participation deadline of June 2, 2025, will receive the Total Consideration, which includes an Early Tender Premium.
This adjustment is in line with Teva's recent upscale of its notes offering, reflecting its commitment to financial flexibility and liability management. By substituting older debt with recently issued senior notes, Teva aims to address upcoming debt maturities and potentially lower overall interest expenses.
