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Endo upsizes eight-year notes to $1.64 billion, to price Wednesday
By Paul A. Harris
Portland, Ore., June 24 – Endo International plc upsized its offering of eight-year senior notes (B1/B) to $1,635,000,000 from $1,435,000,000, an informed source said.
The deal, which was talked earlier in the week to yield 6% to 6¼%, is set to price at midday Wednesday.
Joint bookrunner Barclays will bill and deliver. Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are also joint bookrunners.
BofA Merrill Lynch, DnB NOR Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets Corp. and SMBC Nikko Securities America, Inc. are the co-managers.
The notes will become callable after three years at par plus 75% of the coupon and will feature a three-year 35% equity clawback and a 101% poison put.
Covenants for the new notes will be the same as for Endo’s existing 2025 notes.
Proceeds, together with the proceeds from new senior secured credit facilities and cash on hand, will be used to fund the previously announced acquisition of Woodcliff, N.J.-based Par Pharmaceutical Holdings, Inc., as well as for the repayment of Par’s debt, with any remaining proceeds to be used for general corporate purposes, including acquisitions and debt repayment.
If the acquisition is not consummated prior to Feb 12, 2016, the issuers will redeem the notes at par plus accrued interest.
Endo also upsized its concurrent term loan B by $300 million to $2.8 billion.
The additional $500 million of proceeds resulting from the upsizings of the notes offer and the term loan will be used to redeem the company’s 7% senior notes due 2019.
The Dublin, Ireland-based pharmaceutical company is selling the notes via its wholly owned subsidiaries, Endo Ltd., Endo Finance LLC and Endo Finco Inc.
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