Teva Pharmaceutical’s $1.8 Billion Sustainability-linked Revolving Credit Facility

Baker McKenzie and Herzog, Fox & Neeman advised a syndicate of lenders on the deal.

Teva Pharmaceutical raised approx. $1.8 billion in a sustainability-linked revolving credit facility. The applicable margin may be impacted based on certain sustainability performance metrics outlined in the revolving credit agreement, including the company’s S&P Environmental, Social and Governance Score. 

Bank of America Europe Designated Activity Company arranged the transaction as Documentation Agent and as Sustainability Coordinator, and Bank of America Europe DAC, BNP Parisbas, Citibank, N.A., Goldman Sachs Bank USA, HSBC Bank Plc, Inesa San Paolo S.P.A, J.P. Morgan S.E., Mizuho Bank, LTD., MUFG Bank, LTD. and PNC Bank, National Association, were the Bookrunners & Mandated Lead Arrangers and Lenders. 

The Baker McKenzie team consisted of London-based High Yield Capital Markets & Leveraged Finance partners David Becker (Picture), Rob Mathews and Haden Henderson, and senior associate Ben Bierwirth, supported by, associate Sang Won Koo and trainee Akshay Prasad. Other team members included partners Ben Wilkinson (London), Samuel Marbacher (Zurich), Kai Kramer (Houston), Patricia McDonald (Chicago) and Philippe Steffens (Amsterdam), of counsels Sven Bates (London), Andrea Bolliger (Zurich) and Michael Poland (Chicago) and associates Jorien Reestman (Amsterdam) and Markus Wolf (Zurich).

The Herzog, Fox & Neeman advised the lenders on matters related to Israeli law on this transaction, with a team led by partners Gil White, Allan Sacks and Zara Gold.

Involved fees earner: Sven Bates – Baker McKenzie; David Becker – Baker McKenzie; Benjamin Bierwirth – Baker McKenzie; Andrea Bolliger – Baker McKenzie; Haden Henderson – Baker McKenzie; Kai Kramer – Baker McKenzie; Samuel Marbacher – Baker McKenzie; Rob Mathews – Baker McKenzie; Patricia McDonald – Baker McKenzie; Michael Poland – Baker McKenzie; Jorien Reestman – Baker McKenzie; Philippe Steffens – Baker McKenzie; Ben Wilkinson – Baker McKenzie; Markus Wolf – Baker McKenzie; Sang Won Koo – Baker McKenzie; Zara Gold – Herzog Fox & Neeman; Allan Sacks – Herzog Fox & Neeman; Gil White – Herzog Fox & Neeman;

Law Firms: Baker McKenzie; Herzog Fox & Neeman;

Clients: Bank of America Europe Designated Activity Company; BNP Paribas; Citibank; Goldman Sachs Bank USA; Hsbc Bank plc; Intesa Sanpaolo S.p.A.; J.P. Morgan Securities LLC; Mizuho Bank; MUFG Bank, Ltd.; PNC Bank;