Moody's assigns Endo Health loans Ba1

Moody's Investors Service said it assigned a rating of Ba1 to the new senior secured credit facilities of Endo Luxembourg Finance I Co. Sarl, guaranteed by Endo Health Solutions Inc.

There are no changes to Endo's existing ratings, including the Ba3 corporate family rating, the Ba3-PD probability of default rating, and the B1 senior unsecured rating.

The outlook remains negative.

Proceeds from the new term loans will be used to refinance existing bank debt in conjunction with Endo's pending acquisition of Paladin Labs Inc.

The rating on the senior secured bank facilities reflects Moody's anticipation of an upcoming senior unsecured note offering of approximately $375 million, which the agency anticipates rating B1, similar to Endo's existing senior unsecured notes.

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