Teva’s Working With Evercore to Review Debt Options
- Executives met with lenders to discuss loosening credit terms
- Options include paring revolving facility, extending loan term
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Teva Pharmaceutical Industries Ltd.’s new Chief Executive Officer Kare Schultz is working with advisory firm Evercore Inc. to review options for the beleaguered drugmaker’s outstanding debt, according to people familiar with the matter.
Executives from the Israeli company including Chief Financial Officer Mike McClellan have met with the main lenders in recent weeks to assess options including shrinking a revolving credit facility and extending the repayment period for some loans, the people said, asking not to be identified because the deliberations are private. Teva may also seek to reset some debt covenants and extend bond maturities, the people said. The stock rose in New York.