Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has signed a new three-year, $1.5 billion unsecured revolving credit line with a banking syndicate. The new credit line replaces and expands existing credit lines at terms that are more favorable to Teva.
Citigroup Inc. (NYSE: C) and HSBC Holding plc (LSE: HSBA; HKSE: 005; NYSE, Paris: HBC) led the syndicate. Other foreign banks involved are Barclays Capital plc (LSE: BARC), BNP Paribas SA (Euronext: BNP, Credit Suisse Group AG (NYSE: CS; SWX: CSGN; XETRA: CSGZ), Goldman Sachs International Inc. (NYSE: GS), J.P. Morgan plc, and Morgan Stanley (NYSE: MS). Bank Hapoalim (TASE: POLI) and Bank Leumi (TASE: LUMI) are the two participating Israeli banks.
Teva CFO Eyal Desheh said, “Our ability to negotiate better terms today is proof of the strength of our cash flow and balance sheet. This facility is part of our financial strategy to secure liquidity for future business needs through revolving credit lines. We were pleased to see strong desire from all our relationship banks to commit to this facility."
Teva's share price fell 1.5% on Nasdaq on Friday to $52.86, giving a market cap of $49.48 billion, but rose 0.4% in early trading on the TASE today to NIS 192.20.
Published by Globes [online], Israel business news - www.globes-online.com - on January 24, 2011
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