Reuters: Mergers News: UPDATE 1-Teva prices 1 bln euro, 450 mln CHF debt issues

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UPDATE 1-Teva prices 1 bln euro, 450 mln CHF debt issues Apr 2nd 2012, 16:14 Mon Apr 2, 2012 12:14pm EDT JERUSALEM, April 2 (Reuters) - Teva Pharmaceutical Industries, the world's largest generics drugmaker, said on Monday it had priced two debt offerings in Europe totalling nearly 1.5 billion euros. It will sell 1 billion euro of notes due April 2019 with a coupon of 2.875 percent and another 450 million Swiss francs of notes due October 2018 with a coupon of 1.5 percent. Lead managers included HSBC, Credit Suisse, BNP Paribas and JP Morgan. The leads said the 1 billion euro issue was priced at 100 basis points over mid-swaps, while the Swiss franc issue was priced at 80 basis points over mid-swaps. The offerings are rated A3 by Moody's Investors Service and A- by Standard & Poor's and proceeds will be used to refinance and extend the maturities of some of its outstanding debt, Teva said. Teva last year bought specialty drugmaker Cephalon for $7 billion and 57 percent of Japan's Taiyo Pharmaceutical for $460 million. It previously bought Barr Pharmaceuticals and Ratiopharm as part of its strategy of expanding through acquisitions. Teva said the closing of the euro offering is expected on Wednesday, with the Swiss franc issue to close on April 25. The company also entered into a 100 billion yen ($1.2 billion) senior unsecured fixed-rate syndicated loan facility, which consists of five and seven-year tranches. This facility, which is Teva's first syndicated loan facility placed in the Japanese market, included seven Japanese banks, led by Sumitomo Mitsui Banking Corp, Mizuho Corporate Bank, and The Bank of Tokyo-Mitsubishi UFJ. Link this Share this Digg this Email Reprints

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