Teva sells $15 billion in bonds to fund purchase of Actavis Generics

Teva has announced the pricing of $15 billion (11.38 billion pounds) of senior notes in connection with its pending acquisition of Actavis Generics.

Organised through its special purpose finance subsidiary Teva Pharmaceutical Finance Netherlands, the net proceeds from this offering will be approximately $14.9 billion after applying underwriting discounts and estimated offering expenses payable by Teva.

These proceeds will go towards the cash portion of the purchase price for the previously announced acquisition of Actavis Generics, Allergan's worldwide generic pharmaceuticals business, to pay related fees and expenses, or otherwise for general corporate purposes.

Closure of the offering is expected on July 21st.

Eyal Desheh, Teva's chief financial  officer, said: "The strength of the demand, which was multiple times the size of the offering, and the attractive prices are a testament to Teva's financial strength and strong reputation with investors."

This comes after the firm completed the acquisition of Rimsa earlier this year, a deal that means Teva is now one of the leading pharmaceutical companies in Mexico.