Willkie assists longtime pharmaceutical client in multi-tier waterfall structure.
Willkie client Teva Pharmaceutical Industries Ltd. recently commenced a tender offer to purchase for cash for a combined aggregate purchase price of up to $1 billion of five series of senior notes issued by finance subsidiaries of Teva and guaranteed by Teva. The tender offer includes a waterfall structure in four tranches, with additional tender caps at two tiers.
Teva, a leading global pharmaceutical company and the world’s largest generic medicines producer, expects to fund the tender offer through a future offering of Eurobonds or other senior notes, or borrowings under its existing credit facilities. The Willkie team was led by partner Jeffrey Hochman, and included associates Julian Golay and Alexis Anzelone.
Source: www.willkie.com
