Endo plans to price $1 billion 10-year notes in Tuesday drive-by

By Paul A. Harris

Portland, Ore., Jan. 20 – Endo International plc plans to price $1 billion of 10-year senior notes (B1/expected B+) Tuesday afternoon trailing a late-morning conference call with investors, according to a syndicate source.

Joint physical bookrunner RBC Capital Markets Corp. will bill and deliver. Citigroup Global Markets Inc. is also a joint physical bookrunner. Goldman Sachs & Co. is a joint bookrunner.

Barclays, Credit Suisse Securities (USA) LLC, Fifth Third Securities, SMBC Nikko, TD Securities and Wells Fargo Securities LLC are the co-managers.

The notes come with five years of call protection and feature a three-year 35% equity clawback at par plus the coupon and have a 101% poison put.

Proceeds from the Rule 144A and Regulation S with registration rights deal will be used to fund the acquisition of Auxilium Pharmaceuticals Inc. and refinance Auxilium debt. If the acquisition is not consummated prior to July 8, 2015, the issuer will redeem the notes at par plus accrued interest.

The issuing entities will be Endo Finance LLC and Endo Finco Inc., wholly owned subsidiaries of the Dublin-based specialty health care company which has U.S. headquarters in Malvern, Pa.

Auxilium is a Chesterbrook, Pa.-based specialty biopharmaceutical company.

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