Teva Announces Offering Of Convertible Debentures in a Rule 144A Offering
August 13, 2001 4:13:00 PM ET
JERUSALEM--(BUSINESS WIRE)--Aug. 13, 2001--Teva Pharmaceutical Industries Ltd. TEVA announced today that subject to market and other conditions, Teva Pharmaceutical Finance N.V., a special purpose Netherlands Antilles finance subsidiary, intends to offer approximately $300 million of twenty-year convertible senior debentures.
The debentures are expected to be guaranteed by Teva and to be convertible into American Depositary Receipts of Teva. The offering will be made by means of an offering memorandum to qualified institutional buyers pursuant to Rule 144A and to certain persons in offshore transactions pursuant to Regulation S under the U.S. Securities Act of 1933. The offering is expected to close in August.
The net proceeds from the offering are expected to be used to fund the activities of Teva's European and/or North American subsidiaries, for working capital and other general corporate purposes outside of Israel and to fund any acquisitions Teva may make, including Teva's potential acquisition of the generic injectable products business of F.H. Faulding & Co. Ltd.
The securities will not be registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold absent registration under the Securities Act and applicable state securities laws or applicable exemptions from registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities.
Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 40 pharmaceutical companies and among the largest generic pharmaceutical companies in the world. Over 80% of Teva's sales are in North America and Europe. The Company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients.
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which express the beliefs and expectations of management. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks and uncertainties that could cause the Company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include the impact of pharmaceutical industry regulation, the difficulty of predicting FDA and other regulatory authority approvals, the regulatory environment and changes in the health policies and structure of various countries, acceptance and demand for new pharmaceutical products and new therapies, the impact of competitive products and pricing, the availability and pricing of ingredients used in the manufacture of pharmaceutical products, uncertainties regarding market acceptance of innovative products newly launched, currently being sold or in development, the impact of restructuring of clients, reliance on a strategy of acquiring companies and on strategic alliances, exposure to product liability claims, dependence on patent and other protections for our innovative products, fluctuations in currency, exchange and interest rates, operating results, and other factors that are discussed in the Company's Annual Report on Form 20-F and the Company's other filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
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