Eli Kalif on debt refinancing
From TEVA Stock | Teva Pharmaceutical Industries Ltd Q3 2021 Earnings Call · · AlphaStreet
“This morning we announced the launch of 4 billion offering of sustainability[-linked] senior notes, the proceeds of which we are expected to be used for refinancing existing debts by way of standard offer that was also announced today. This is a really debt neutral transaction.”
On , Eli Kalif, EVP & CFO at Teva Pharmaceutical Industries, spoke about debt refinancing during TEVA Stock | Teva Pharmaceutical Industries Ltd Q3 2021 Earnings Call on AlphaStreet.
About Eli Kalif
On Teva's Q3 2021 earnings call, Eli Kalif reported that the company's net debt decreased to $21.7 billion from $22.7 billion in the prior quarter, attributing the reduction to free cash flow generation and exchange rate fluctuations. He noted the net debt-to-EBITDA ratio declined to 4.51 times, stating the company was making progress toward its 2023 target of being under three times by the end of 2022. Kalif also announced the launch of a $4 billion offering of sustainability-linked senior notes, describing it as a "debt neutral transaction" with proceeds expected to be used for refinancing existing debt. He stated that finance expenses were expected to remain around $1 billion in 2022.