Business & Finance
Teva offers first ever USD4bn sustainability-linked senior notes
28 October 2021 -

Medicine company Teva Pharmaceutical Industries Ltd (NYSE:TEVA)(TASE:TEVA) said on Wednesday that it plans to place USD4bn of sustainability-linked senior notes, subject to, among other things, market conditions.

Under the offering, Teva Pharmaceutical Finance Netherlands II B.V. intends to offer EUR-denominated sustainability-linked senior notes and Teva Pharmaceutical Finance Netherlands III B.V. intends to offer USD-denominated sustainability-linked senior notes.

The company added that the notes will be unsecured senior obligations of the issuers and will be unconditionally guaranteed on a senior basis by Teva.

These sustainability-linked notes offering reflects Teva's strong environmental, social and governance (ESG) commitment to increase access to medicines in low and middle-income countries by 150% as well as climate action targets, including a 25% reduction of Scope 1 and 2 greenhouse emissions by 2025 in alignment with the Paris Climate Agreement.

Net proceeds, together with cash on hand, may be used by Teva to fund the tender offer to purchase, for cash, its 1.250% senior notes due 2023, 2.800% senior notes due 2023, 3.250% senior notes due 2022, 2.950% senior notes due 2022, 1.125% senior notes due 2024 and its 6.000% senior notes due 2024, fund the outstanding debt upon maturity or earlier redemption as well as for general corporate purposes.

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