JERUSALEM–(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.
Contacts
IR Contacts
Kevin C. Mannix (215) 591-8912
Ran
Meir 972 (3) 926-7516
PR Contacts
United States
Elizabeth DeLuca (267)468-4329
Israel Yonatan Beker
972 (54) 888-5898