Teva Pharmaceutical’s $2.1 Billion Bond Offering

Baker McKenzie and Herzog, Fox & Neeman advised the syndicate of 14 initial purchasers on the deal.

The offering consisted of USD 2.1 billion (equivalent) dual-tranche high yield bond offering by certain subsidiaries of Teva Pharmaceutical Industries Limited, comprised of a USD 1 billion 7.125% five-year tranche and a EUR 1 billion 6% five-year tranche.

BNP Paribas, Citigroup and Goldman Sachs International acted as active joint book-running managers, Barclays, BofA Securities, Credit Suisse, HSBC, J.P. Morgan, Mizuho Securities, Morgan Stanley, MUFG and SMBC Nikko acted as passive joint book-running managers, and Banca IMI and PNC Capital Markets LLC acted as co-managers.

The Baker McKenzie team was led by London-based High Yield Capital Markets & Leveraged Finance partners David Becker (Picture), Rob Mathews and Haden Henderson, senior associate Ben Bierwirth and associates Samantha Greer and A.J. Brown, as well as US-based partner Barry Thompson and associates Thomas Tysowsky and Marisa Bakker. Other team members included Partners Kai Kramer (Houston), Patricia McDonald (Chicago), Philippe Steffens (Amsterdam), counsel Michael Poland (Chicago), senior associate Sven Bates (London) and associates Andrew Rose (London) and Emilie Huberts (Amsterdam).

The Israeli law firm Herzog, Fox & Neeman advised the initial purchasers, bookrunners and managers on matters related to Israeli law on this series of transactions, with a team led by partners Alan Sachs, Ron Ben-Menachem and Yuval Navot.

Involved fees earner: Marisa Bakker – Baker McKenzie; Sven Bates – Baker McKenzie; David Becker – Baker McKenzie; Benjamin Bierwirth – Baker McKenzie; A.J. Brown – Baker McKenzie; Samantha Greer – Baker McKenzie; Haden Henderson – Baker McKenzie; Emilie Huberts – Baker McKenzie; Kai Kramer – Baker McKenzie; Rob Mathews – Baker McKenzie; Patricia McDonald – Baker McKenzie; Michael Poland – Baker McKenzie; Andrew Rose – Baker McKenzie; Philippe Steffens – Baker McKenzie; Barry Thompson – Baker McKenzie; Thomas Tysowsky – Baker McKenzie; Ron Ben-Menachem – Herzog Fox & Neeman; Yuval Navot – Herzog Fox & Neeman; Alan Sachs – Herzog Fox & Neeman;

Law Firms: Baker McKenzie; Herzog Fox & Neeman;

Clients: Banca IMI; Bank of America Securities; Barclays Bank; BNP Paribas; Citigroup Inc.; Credit Suisse; Goldman Sachs & Co.; HSBC; JP Morgan; Mizuho Securities; Morgan Stanley; MUFG; PNC Capital Markets LLC; SMBC Nikko Securities America;