Endo International sets Tuesday investor call ahead of $750 million secured notes offering

By Paul A. Harris

Portland, Ore., April 10 – Endo International plc scheduled an investor conference call at 11 a.m. ET on Tuesday for its $750 million offering of senior secured notes due October 2024 (Ba2/BB), according to a syndicate source.

The offer will also be marketed by means of an internet roadshow.

The Rule 144A and Regulation S for life deal is expected to price on Wednesday.

Citigroup Global Markets is the left bookrunner. J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. and RBC Capital Markets LLC are the joint bookrunners.

MUFG, Fifth Third Bank, SMBC Nikko and SunTrust Robinson Humphrey Inc. are the co-managers.

The notes become callable after three years at par plus 50% of the coupon and feature a three-year 35% equity clawback at par plus the full coupon and a 101% poison put.

The issuing entities will be wholly owned subsidiaries Endo DAC, Endo Finance LLC and Endo Finco Inc.

The Dublin, Ireland-based specialty pharmaceutical company plans to use the proceeds to refinance debt and for general corporate purposes.

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