Teva Pharmaceutical Industries Ltd. announced today that it has entered into a new three-year, $1.5 billion unsecured revolving credit facility, which replaces and expands existing credit lines at terms that are more favorable to Teva.
Commenting on the new facility, Teva's CFO Eyal Desheh, noted: "Our ability to negotiate better terms today is proof of the strength of our cash flow and balance sheet. This facility is part of our financial strategy to secure liquidity for future business needs through revolving credit lines." Desheh added, "We were pleased to see strong desire from all our relationship banks to commit to this facility."
The syndicate includes Citi and HSBC Bank plc as Joint Coordinating Book-runners. The syndicate also includes Barclays Capital, BNP Paribas, Credit Suisse, Goldman Sachs International, J.P. Morgan plc, Morgan Stanley, Bank Hapoalim and Bank Leumi.
Source: Teva Pharmaceutical Industries Ltd