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Teva looking to issue new debt

Israeli generic-drug manufacturer Teva Pharmaceutical Industries Ltd. is looking to issue new debt via its units.

The company said that its special purpose finance subsidiaries — Teva Pharmaceutical Finance Netherlands II BV and Teva Pharmaceutical Finance Netherlands III BV — plan to offer a total of €1 billion and $2.25 billion worth of senior notes in separate transactions, respectively.

The debt offerings will help the company repay $2.3 billion in outstanding U.S. dollar and Japanese yen term loans, and repay all $1.5 billion of its 1.40% senior notes that are due this year.

Teva announced a $3 billion cost-cutting measure in late 2017 to pay down its debt and improve its cash flow.