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Teva Pharmaceutical Industries Limited (TEVA) to Raise $1.5 Billion in Switzerland


3/26/2012 6:49:12 AM

Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) will raise $1.5 billion in euro and Swiss franc denominated bonds in Switzerland. The company did not disclose the interest rate or maturity of the bonds. "We are diversifying our sources of financing, while exploiting the Swiss interest rate, which is the lowest in the world," Teva CFO Eyal Desheh told "Globes". He added that Teva would not raise capital in the near future to support its operations, but only out of financial considerations. Desheh said that Teva's bond debt currently totals $10 billion. In its financial report for 2011, Teva reported that its debt grew by $7.6 billion in 2011, due to the acquisitions of Cephalon Inc. in the US and Taiyo Pharmaceutical Co. Ltd. in Japan. The company's debt-to-capital ratio rose to 39% at the end of 2011 from 24% a year earlier.

Read at Globes Online
Read at Chicago Tribune

   

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