Teva achieves healthy outcome

摘要

Teva pharmaceutical has rarely disappointed and last week proved no exception as the generic drugmaker rewarded investors that participated in its two-part, US$6.75bn equity and equity-linked raise. The financing was part of the consideration package for the US$40.5bn cash and stock acquisition of Allergan's generic drugs business. It was a well telegraphed deal as Teva CFO Eyal Desheh had provided an exact outline for the financing on the company's third-quarter earnings call in late October: US$6.75bn of stock it already committed to Allergan; with the cash component funded through US$6.75bn of equity and mandatory convertible, US$22bn of debt, and US$5bn term loan that was already in place - all mandated and backstopped by a syndicate of 10 banks.