Teva ups dosage to $2.1bn as investors gulp down pharma bond
Teva, the Israeli-US pharmaceutical company, priced a $2.1bn bond package at the tighter end of the initial price thoughts this week. While it is yet to come to a settlement over its alleged involvement in the US opioid crisis, investors were happy to jump aboard a rare double-B issue yielding up to 7%.
Teva intended to issue $1.5bn of 2025 senior unsecured notes, but it increased the deal’s size to $2bn and finally to $2.1bn — implying strong demand from investors on both sides of the Atlantic. The issue was split into €1bn and $1bn tranches.
The initial price talk was at mid-to-high ...