Commentary & Deal Flow

+++Corrects prefix in the headline: NEW ISSUE (not PRICED)+++

Teva Pharmaceutical Finance Netherlands II BV/Teva Pharmaceutical Finance Netherlands III BV/Teva Pharmaceutical Finance Netherlands IV BV (TEVA) approx US$2bn equivalent (US$/EUR) SEC registered sr notes 3-part. Expect Ba1/BB/BB (stable/positive/positive). Off the shelf. EUR notes list Dublin. NY law.  Settles (T+5).

- US$500m due 2030 (5.5y). NCL (MWC) (3mo par call). Via BNP/BofA/HSBC/IMI/JPM (B&D) jt active books/Citi/GS/Mizuho/MUFG/PNC jt pasive books. Semi-annual pay (30/360).

- US$500m due 2032 (7.5y). NCL (MWC) (3mo par call). Via BNP/BofA/HSBC/IMI/JPM (B&D) jt active books/Citi/GS/Mizuho/MUFG/PNC jt pasive books. Semi-annual pay (30/360).

- EUR900m due 2031 (6y). NCL (MWC) (3mo par call). Via BNP (B&D)/BofA/HSBC/IMI/JPM jt active books/Citi/GS/Mizuho/MUFG/PNC jt pasive books. Annual pay (30/360).

Roadshow (electronic and in-person in London at the London Hilton Park Lane) 05/19-20 (investor call at 10am NYT/3pm UKT 05/19). UOP: along with cash on hand, to fund the partial tender offer for a series of its sr notes (USD 3.150% Senior Notes due 2026, USD 4.750% Sustainability-Linked Senior Notes due 2027, EUR 3.750% Sustainability-Linked Senior Notes due 2027, USD 7.875% Sustainability-Linked Senior Notes due 2029, EUR 7.375% Sustainability-Linked Senior Notes due 2029 and USD 8.125% Sustainability-Linked Senior Notes due 2031) for a maximum combined aggregate purchase price (exclusive of accrued and unpaid interest) of up to $2bn (equivalent). Biz: develops, manufactures and markets generic and branded pharmaceuticals. HQ: Tel Aviv, Israel.