Commentary & Deal Flow

Reoffer: 6.5yr: MS+110bp / 98.756 / 4.479% 10yr: MS+137.5bp / 98.327 / 4.84%
Benchmark: 6.5yr: DBR 2.3% Feb-33 TWIN @ 94.49 / 3.262% / B+121.7bp (HR: 100%) 10yr: DBR 3% Aug-36 @ 96.35 / 3.439% / B+140.1bp (HR: 96%)

IPTs: 6.5yr: MS+145a 10yr: MS+175a

• Issuer: Teva Pharmaceutical Finance Netherlands II BV
• Guarantor: Teva Pharmaceutical Industries Ltd
• Issuer Ratings: Baa3 (stb) / BBB- (stb) / BBB- (stb) (Moody's/S&P/Fitch)
• Expected Issue Ratings: Baa3 / BBB- / BBB- (Moody's/S&P/Fitch)
• Ranking: Pari passu with the existing Senior Unsecured Notes
• Size:
  • 6.5yr: €1bn
  • 10yr: €500m
• Format: SEC registered, senior unsecured
• UoP: Teva intends to use the net proceeds of this offering, together with cash on hand, (i) to fund the Conditional Redemptions (ii) to pay fees and expenses in connection therewith and (iii) to the extent of any remaining proceeds, for general corporate purposes, including the repayment of outstanding debt upon maturity, tender offer or earlier redemption.
• Re-Offer:
  • 6.5yr: MS+110bp / 98.756 / 4.479%
  • 10yr: MS+137.5bp / 98.327 / 4.84%
• BMK:
  • 6.5yr: DBR 2.3% Feb-33 TWIN @ 94.49 / 3.262% / B+121.7bp (HR: 100%)
  • 10yr: DBR 3% Aug-36 @ 96.35 / 3.439% / B+140.1bp (HR: 96%)
• Maturity Date:
  • 6.5yr: 16-Mar-33
  • 10yr: 16-Sep-36
• Call Protection:
  • 6.5yr: 2-month par call, MWC (B+20bps)
  • 10yr: 3-month par call, MWC (B+25bps)
• Denoms: €100k x 1k
• ISIN:
  • 6.5yr: XS3498885725
  • 10yr: XS3498887341
• Coupon:
  • 6.5yr: 4.25% Fixed Annual, Act/Act
  • 10yr: 4.625% Fixed Annual, Act/Act
• Change of Control: Investor put at 101%
• Active Joint Book-Running Managers: BNP Paribas, Citigroup, Goldman Sachs Bank Europe SE, J.P. Morgan
• Passive Joint Book-Running Managers: BofA Securities, HSBC, Mizuho
• Co-Managers: IMI Intesa Sanpaolo, MUFG, PNC Capital Markets LLC
• Settlement: 16-Sep-26 (T+5)
• Billing & Delivery: Citigroup
• Canadian Sales: Alberta, BC, Ontario & Quebec
• Advertisement: This communication is an advertisement and does not constitute a prospectus for the purposes of Regulation (EU) 2017/1129 and underlying legislation. The Base Prospectus is available and the Prospectus Supplement once published will be available at EDGAR (https://www.sec.gov/edgar/), the Final terms once published will be available on https://live.euronext.com/en/markets/dublin/bonds/list
• Target Market: Relevant stabilisation regulations including FCA/ICMA apply. MiFID II and UK MiFIR professionals/ECPs-only/No EEA or UK PRIIPs KID – Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK
• Timing: Priced. TOE: 17:34 CET / 16:34 UKT; FTT subject to TS