Teva Pharmaceutical’s $5 Billion Sustainability-Linked Bond Offering

Kirkland advised Teva, while Baker McKenzie and Herzog, Fox & Neeman advised the underwriters on the offering.

Teva Pharmaceutical Industries Limited executed a $5 billion (equivalent) (upsized from USD 4 billion) debut sustainability-linked four tranche high yield bond offering. The Notes were SEC registered.

BNP Paribas, BofA Securities, HSBC and J.P. Morgan acted as active joint book-running managers, Citigroup, Goldman Sachs Bank Europe SE, Mizuho Securities and MUFG acted as passive joint book-running managers and IMI-Intesa Sanpaolo and PNC Capital Markets LLC acted as co-managers. BNP Paribas and HSBC acted as Sustainability-Linked Notes Structuring Agents.

Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) has been developing and producing medicines to improve people’s lives for more than a century.

The Baker McKenzie team was led by 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 trainees Olivia Wells and Henry Gee. Other team members included partners Jeremy Moore (Houston), Creighton Macy (Washington), Jeffrey Martino (New York), Barry Thompson (Los Angeles), Kai Kramer (Houston), Patricia McDonald (Chicago) and Philippe Steffens (Amsterdam), of counsels Fons Ravelli (Amsterdam) and Sven Bates (London), and associates Marisa Bakker (Washington), Thomas Tysowsky (Los Angeles), Patrick Renckly (Houston), Puck van der Hurst (Amsterdam), Jot Van Suijlen (Amsterdam), Jorn Nagtegaal (Amsterdam), Audrey van Duyn (New York) and Kelton Basirico (Los Angeles).

The Israeli law firm Herzog, Fox & Neeman team was led by partners Allan Sacks and Ron Ben-Menachem, and associates Shiri Cohen and Raz Meltzer.

The Kirkland team was led by capital markets partners Ross Leff and Jennifer Baumgarten and associates Josh Van Kirk, Robert Van de Mark, Magdalena Auge and Alessandra Henriques, capital markets partner Joshua Korff, ESG & Impact partners Ruth Knox, Alexandra Farmer and Jennie Morawetz, and tax partners Dean Shulman and Adam Kool. 

Involved fees earner: Marisa Bakker – Baker McKenzie; Kelton Basirico – Baker McKenzie; Sven Bates – Baker McKenzie; David Becker – Baker McKenzie; Benjamin Bierwirth – Baker McKenzie; Haden Henderson – Baker McKenzie; Kai Kramer – Baker McKenzie; Creighton Macy – Baker McKenzie; Jeffrey Martino – Baker McKenzie; Rob Mathews – Baker McKenzie; Patricia McDonald – Baker McKenzie; Jeremy Moore – Baker McKenzie; Jorn Nagtegaal – Baker McKenzie; Fons Ravelli – Baker McKenzie; Patrick Renckly – Baker McKenzie; Philippe Steffens – Baker McKenzie; Barry Thompson – Baker McKenzie; Thomas Tysowsky – Baker McKenzie; Puck van der Hurst – Baker McKenzie; Audrey van Duyn – Baker McKenzie; Jot van Suijlen – Baker McKenzie; Sang Won Koo – Baker McKenzie; Ron Ben-Menachem – Herzog Fox & Neeman; Shiri Cohen – Herzog Fox & Neeman; Raz Meltzer – Herzog Fox & Neeman; Allan Sacks – Herzog Fox & Neeman; Magdalena Auge – Kirkland & Ellis; Jennifer Baumgarten – Kirkland & Ellis; Alessandra Corona Henriques – Kirkland & Ellis; Alexandra Farmer – Kirkland & Ellis; Ruth Knox – Kirkland & Ellis; Adam Kool – Kirkland & Ellis; Joshua Korff – Kirkland & Ellis; Ross Leff – Kirkland & Ellis; Jennie Morawetz – Kirkland & Ellis; Dean Shulman – Kirkland & Ellis; Robert Van de Mark – Kirkland & Ellis; Josh Van Kirk – Kirkland & Ellis;

Law Firms: Baker McKenzie; Herzog Fox & Neeman; Kirkland & Ellis;

Clients: Bank of America Securities; BNP Paribas; Citigroup Inc.; Goldman Sachs Bank Europe; HSBC; IMI – Intesa SanPaolo; JP Morgan; Mizuho Securities; MUFG; PNC Capital Markets LLC; Teva Pharmaceutical Industries Limited;