XML 44 R32.htm IDEA: XBRL DOCUMENT

Debt obligations (Tables)

3 Months Ended

Mar. 31, 2023

a.	Short-term debt:


						March 31,		December 31,
	Interest rate as of March 31, 2023			Maturity		2023		2022

						(U.S. $ in millions)
Convertible senior debentures		0.25	%		2026		23		23
Current maturities of long-term liabilities							1,000		2,086

Total short-term debt						$	1,023	$	2,109

Schedule of Senior Notes and Loans

b.	Long-term debt:


	Interest rate as of March 31, 2023			Maturity		March 31, 2023			December 31, 2022

						(U.S. $ in millions)
Senior notes EUR 1,500 million		1.13	%		2024		683			670
Sustainability-linked senior notes EUR 1,500 million (6)(*)		4.38	%		2030		1,635			1,606
Senior notes EUR 1,300 million (9)		1.25	%		2023		—			633
Sustainability-linked senior notes EUR 1,100 million (7)(*)		3.75	%		2027		1,199			1,177
Senior notes EUR 1,000 million (5)		6.00	%		2025		449			1,070
Senior notes EUR 900 million (5)		4.50	%		2025		541			963
Sustainability-linked senior notes EUR 800 million (1)(*)		7.38	%		2029		872			—
Senior notes EUR 750 million		1.63	%		2028		814			800
Senior notes EUR 700 million		1.88	%		2027		762			748
Sustainability-linked senior notes EUR 500 million (2)(*)		7.88	%		2031		545			—
Senior notes USD 3,500 million (5)		3.15	%		2026		3,374			3,496
Senior notes USD 3,000 million (5)		2.80	%		2023		1,000			1,453
Senior notes USD 2,000 million		4.10	%		2046		1,986			1,986
Senior notes USD 1,250 million (5)		6.00	%		2024		957			1,250
Senior notes USD 1,250 million		6.75	%		2028		1,250			1,250
Senior notes USD 1,000 million (5)		7.13	%		2025		427			1,000
Sustainability-linked senior notes USD 1,000 million (7)(*)		4.75	%		2027		1,000			1,000
Sustainability-linked senior notes USD 1,000 million (6)(*)		5.13	%		2029		1,000			1,000
Senior notes USD 789 million		6.15	%		2036		783			783
Sustainability-linked senior notes USD 600 million (3)(*)		7.88	%		2029		600			—
Sustainability-linked senior notes USD 500 million (4)(*)		8.13	%		2031		500			—
Senior notes CHF 350 million		1.00	%		2025		384			382

Total senior notes							20,761			21,266
Other long-term debt							1			1
Less current maturities							(1,000	)		(2,086	)
Less debt issuance costs (8)							(94	)		(78	)

Total senior notes and loans						$	19,668		$	19,103

(1)

In March 2023, Teva issued sustainability-linked senior notes in an aggregate principal amount of 800 million euro bearing 7.38% annual interest and due September 2029. If Teva fails to achieve certain sustainability performance targets, the interest rate shall increase by

0.100%-0.300%

per annum, from and including September 15, 2026.

(2)

In March 2023, Teva issued sustainability-linked senior notes in an aggregate principal amount of 500 million euro bearing 7.88% annual interest and due September 2031. If Teva fails to achieve certain sustainability performance targets, the interest rate shall increase by

0.100%-0.300%

per annum, from and including September 15, 2026.

(3)

In March 2023, Teva issued sustainability-linked senior notes in an aggregate principal amount of $600 million bearing 7.88% annual interest and due September 2029. If Teva fails to achieve certain sustainability performance targets, the interest rate shall increase by

0.100%-0.300%

per annum, from and including September 15, 2026.

(4)

In March 2023, Teva issued sustainability-linked senior notes in an aggregate principal amount of $500 million bearing 8.13% annual interest and due September 2031. If Teva fails to achieve certain sustainability performance targets, the interest rate shall increase by

0.100%-0.300%

per annum, from and including September 15, 2026.

(5)

In March 2023, Teva consummated a cash tender offer and extinguished $631 million aggregate principal amount of its 1,000 million euro 6% senior notes due in 2025; $432 million aggregate principal amount of its 900 million euro 4.5% senior notes due in 2025; $574 million aggregate principal amount of its $1,000 million 7.13% senior notes due in 2025; $454 million aggregate principal amount of its $3,000 million 2.8% senior notes due in 2023; $293 million aggregate principal amount of its $1,250 million 6% senior notes due in 2024 and $122 million aggregate principal amount of its $3,500 million 3.15% senior notes due in 2026.

(6)	If Teva fails to achieve certain sustainability performance targets, the interest rate shall increase by 0.125%-0.375% per annum, from and including May 9, 2026.

(7)	If Teva fails to achieve certain sustainability performance targets, a one-time premium payment of 0.15%-0.45% out of the principal amount will be paid at maturity or upon earlier redemption, if such redemption is on or after May 9, 2026.

(8)	Debt issuance costs as of March 31, 2023 include $26 million in connection with the issuance of the sustainability-linked senior notes in March 2023, partially offset by $6 million acceleration of issuance costs related to the cash tender offer.

(9)	In March 2023, Teva repaid $646 million of its 1.25% senior notes at maturity.

(*)	Interest rate adjustments and a potential one-time premium payment related to the sustainability-linked bonds are treated as bifurcated embedded derivatives. See note 8c.