New Issue: Endo sells upsized $750 million 8.5-year notes at par to yield 5 3/8%

By Paul A. Harris

Portland, Ore., June 25 – Endo Finance LLC and Endo Finco Inc., units of Endo International plc, priced an upsized $750 million issue of 8.5-year senior notes (B1/B/) at par to yield 5 3/8% on Wednesday, according to a syndicate source.

The deal was upsized from $500 million.

The yield printed at the tight end of yield talk in the 5½% area.

Citigroup Global Markets Inc. and RBC Capital Markets are the joint bookrunners.

The Malvern, Pa.-based specialty health care company plans to use the proceeds for general corporate purposes, which may include acquisitions, including the acquisition of Dava Pharmaceuticals, Inc.

Issuer:	Endo Finance LLC and Endo Finco Inc.
Amount:	$750 million, increased from $500 million
Maturity:	Jan. 15, 2023
Securities:	Senior notes
Bookrunners:	Citigroup Global Markets Inc., RBC Capital Markets
Co-managers:	Credit Agricole CIB, DNB, HSBC, Mitsubishi UFJ Securities, SunTrust Robinson Humphrey Inc.
Coupon:	5 3/8%
Price:	Par
Yield:	5 3/8%
Spread:	322 bps
First call:	July 15, 2017 at 104.031
Trade date:	June 25
Settlement date:	June 30
Ratings:	Moody's: B1
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	5½% area
Marketing:	Quick to market

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