Teva completes amendment to credit facilities
Teva Pharmaceutical Industries announced amendments to its USD and JPY term loan and revolving credit facilities, providing Teva greater flexibility in its financial leverage ratio covenants. The amended leverage ratio covenants in the credit agreements permit a maximum leverage ratio of five times through and including December 31, 2018, gradually declining to 3.5 times by December 31, 2020. As of June 30, the aggregate principal amount collectively outstanding under the USD term loan facility was $5B, the aggregate principal amount outstanding under the JPY term loan facilities was $1.4B and the aggregate committed principal amount under the USD revolving credit facility was $4.5B. The amendments received the support of lenders holding approximately 98% of the aggregate loans and undrawn commitments across the five credit facilities.