Teva Prices $3.2B Multi-Tranche Senior Notes Offering, Amends Redemption Plans
TEVA has more than doubled off its 52-week low of $18.21.
Summary
Teva priced $3.2 billion in USD senior notes across three tranches and amended its conditional redemption plans, including full redemption of its 8.125% USD Sustainability-linked Notes due 2031.
Key Events · Financing and Capital Events · TEVA
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USD Notes Priced
Teva priced $3.2B in USD senior notes: $1.0B 5.500% due 2034 at 98.659%, $1.0B 5.750% due 2037 at 98.520%, and $1.2B 5.250% due 2032 at 98.993%.
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Yields and Spreads
Yields to maturity are 5.728%, 5.945%, and 5.472% respectively, with spreads to benchmark of +100, +110, and +85 basis points.
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Redemption Plans Amended
Teva will issue an additional notice to redeem all 8.125% USD Sustainability-linked Notes due 2031 and reduce the 2030 Euro Notes redemption from up to €1.25B to €1.15B.
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Settlement Date
Settlement is expected on September 16, 2026 (T+5), with interest payments beginning January 16, 2027.
Analysis · TEVA · Life Sciences
Teva finalized pricing on a $3.2 billion USD senior notes offering across three tranches, with yields ranging from 5.472% to 5.945%. The deal also amends prior redemption plans: Teva will now redeem all of its 8.125% USD Sustainability-linked Notes due 2031 and reduce the amount of 2030 Euro Notes being redeemed from up to €1.25 billion to €1.15 billion. This is a substantial refinancing that locks in current market rates and extends maturities, while the redemption adjustments shift the liability mix. The offering follows the preliminary prospectus supplement filed two days ago and is part of a broader capital structure optimization.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 30.2% of the 2009 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.11%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, TEVA was trading at $36.72 on NYSE in the Life Sciences sector, with a market capitalization of approximately $42.9B. The 52-week trading range was $18.21 to $38.37. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.