Endo plans to price $375 million notes due 2022 in Wednesday drive-by

By Paul A. Harris

Portland, Ore., Dec. 11 - Endo Finance Co. (Endo Health Solutions Inc.) plans to price a $375 million offering of senior notes due January 2022 (B1/B) Wednesday afternoon, trailing a late-morning conference call with investors, according to a syndicate source.

RBC Capital Markets LLC is the left bookrunner for the Rule 144A and Regulation S for life offer.

Deutsche Bank Securities Inc., BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 75% of the coupon.

The notes feature a three-year 35% equity clawback and a 101% poison put.

If the acquisition of Paladin Labs Inc. is consummated, proceeds will be used to refinance Endo's credit facilities and to fund general corporate purposes. If the Paladin acquisition is not consummated, proceeds will be used to fund general corporate purposes. The proceeds will be escrowed until May 5, 2014, pending the acquisition, then will be released for general corporate purposes.

Endo is a Malvern, Pa.-based specialty health care company.

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