Baker McKenzie advised the syndicate of 14 initial purchasers on the US$2.1 billion (equivalent) dual-tranche high yield bond offering by certain subsidiaries of Teva Pharmaceutical Industries Limited, comprised of a US$1 billion 7.125% five-year tranche and a €1 billion 6% five-year tranche.
BNP Paribas, Citigroup and Goldman Sachs International acted as active joint book-running managers, Barclays, BofA Securities, Credit Suisse, HSBC, J.P. Morgan, Mizuho Securities, Morgan Stanley, MUFG and SMBC Nikko acted as passive joint book-running managers, and Banca IMI and PNC Capital Markets LLC acted as co-managers.
Concurrently with the bond offering Teva ran a successful 3 tiered priority-acceptance tender offer to purchase up to US$1.5 billion of certain of its other outstanding bonds. Affiliates of the active joint book-running managers acted as dealer managers in the tender offer.
Earlier this year the Baker McKenzie team advised Teva's 14 member bank syndicate in connection with a new US$2.3 billion credit facility for Teva and certain of its subsidiaries. The bank syndicate was made up of affiliates of the initial purchasers, bookrunners and managers under the bond issuance.
The Baker McKenzie team was led by London-based High Yield Capital Markets & Leveraged Finance partners David Becker, Rob Mathews and Haden Henderson, senior associate Ben Bierwirth and associates Samantha Greer and A.J. Brown, as well as US-based partner Barry Thompson and associates Thomas Tysowsky and Marisa Bakker. Other team members included Partners Kai Kramer (Houston), Patricia McDonald (Chicago), Philippe Steffens (Amsterdam), counsel Michael Poland (Chicago), senior associate Sven Bates (London) and associates Andrew Rose (London) and Emilie Huberts (Amsterdam). The Israeli law firm Herzog, Fox & Neeman advised the initial purchasers, bookrunners and managers on matters related to Israeli law on this series of transactions, with a team led by partners Alan Sacks, Ron Ben-Menachem and Yuval Navot.
High Yield Capital Markets & Leveraged Finance partner David Becker said: "It has been an honor and a pleasure for us to continue to work with Teva and its financial advisors on this complex series of transactions. These high profile financings play to our cross-Atlantic London and NY strengths and showcase our growing leveraged finance capabilities across our integrated full service bank/bond US/UK platform."
The bond offering closed on November 25, 2019.