Teva gets expanded $3 billion five-year revolver with Citi and HSBC

By Susanna Moon

Chicago, Dec. 18 - Teva Pharmaceutical Industries Ltd. said it closed a $3 billion five-year unsecured revolving credit facility with Citi and HSBC Bank plc as coordinating bookrunners and mandated lead arrangers.

The new facility replaces the company's $2.5 billion credit facility, according to a press release.

The syndicate also includes Barclays Bank plc, BNP Paribas, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, J.P. Morgan Ltd. and Morgan Stanley Senior Funding, Inc. as bookrunners and mandated lead arrangers, and Bank Leumi le-Israel BM, DNB Bank ASA, PNC Bank and RBC Capital Markets as lead arrangers.

"By signing this new revolving credit facility, with its increased size and extended term, we took another step on our recently announced new strategy and secured ample liquidity to support Teva's future growth," Eyal Desheh, the company's executive vice president and chief financial officer, said in the release.

"We were very pleased to see the significant oversubscription, demonstrating the strong desire from our relationship banks, as well as from additional new banks, to commit to this new facility."

Teva is a Petach Tikva, Israel-based pharmaceutical company.

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