Teva to issue $750 million of bonds at Libor +0.50 per cent

Teva Pharmaceutical Industries Limited today announced the pricing of its $1,000 face value senior notes for a total of $750 million bond offer. The notes will be issued in two tranches by one of its special purpose finance subsidiaries, Teva said in a release today.

Of the $750 million issue, maturing in March 2014, $500 million of senior notes will be issued at three-month Libor +0.50 per cent floating rate while the remai9ning $250 million will have a 1.70 per cent fixed rate.

The notes, that are being guaranteed by Teva, will be sold at a price of $1,000 and $999.42 per $1,000 principal amount, respectively. The notes are rated A3 by Moody's Investor Services and A- by Standard & Poor's.

Teva plans to use the proceeds from this offering to repay a portion of the short-term debt outstanding under its unsecured credit facilities.

These securities are being offered pursuant to Teva's effective shelf registration statement previously filed with the US Securities and Exchange Commission.

The offer is being managed by a group of underwriters led by Barclays Capital Inc, Goldman Sachs & Co and Morgan Stanley & Co. The offer is slated to close on 21 March 2011.

Based in Israel, Teva is the world's largest generic drug maker, with a global product portfolio of more than 1,450 molecules and a direct presence in about 60 countries. Teva's branded businesses focus on neurological, respiratory and women's health therapeutic areas as well as biologics.

Teva's leading innovative product, Copaxone, is the number one prescribed treatment for multiple sclerosis. Teva employs approximately 40,000 people around the world and reached $16.1 billion in net sales in 2010.