Teva Pharmaceuticals Launches New Euro and Dollar Bonds After Credit Rating Upgrade
Israeli pharmaceutical giant Teva announced its intention to issue new senior bonds denominated in both euros and U.S. dollars. This move follows a significant achievement: for the first time in many years, all three major international credit rating agencies have assigned an investment-grade rating to the company's debt. S&P recently joined Fitch and Moody's in upgrading Teva's rating to BBB-.
The funds raised will be used to repay existing bond series and cover general corporate expenses. Specifically, Teva plans to preemptively settle obligations for bonds maturing in 2027, 2028, and 2029, as well as repurchase eurobonds due in 2030. Analysts suggest this strategy will reduce the company's overall debt burden and lower interest payments, benefiting from its improved credit standing.
Teva's Chief Financial Officer, Eli Kalif, stated that the improved ratings reflect the successful execution of the company's "return to growth trajectory" strategy and substantial progress in strengthening its financial position. In parallel with these financial developments, Teva is preparing to transfer the listing of its ordinary shares to the NYSE, replacing its American Depositary Receipts, which is expected to create new avenues for attracting global investors.
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