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Report: Teva taps Evercore as adviser as it seeks to restructure debt

Teva Pharmaceutical Industries Ltd.'s CEO Kare Schultz has tapped advisory firm Evercore Inc. to review options for the company's outstanding debt, Bloomberg News reported, citing anonymous sources.

People familiar with the matter told the news outlet that Teva executives have met the main creditors to evaluate options, which include reducing a revolving credit facility and extending the repayment period for some loans.

The Israeli drugmaker has roughly $35 billion in debt and might also look to reset some debt covenants and extend bond maturities, according to the news outlet.

The company is in discussions with its banks and rating agencies and is taking measures to address its financial situation, Bloomberg News reported, citing a Teva spokeswoman.

In November, interim CFO Michael McClellan said the drugmaker may have to refinance its debt and will not be hitting its paydown target this year.