New Issue: Endo prices downsized $300 million seven-year secured notes at par to yield 5 7/8%

By Paul A. Harris

Portland, Ore., April 12 – Endo International plc priced a downsized $300 million issue of senior secured notes due Oct. 15, 2024 (Ba2/BB) at par to yield 5 7/8% on Wednesday, according to a syndicate source.

The issue size was decreased from $750 million with the shift of $450 million of proceeds to the term loan, increasing it to $3,415,000,000 from $2,965,000,000.

The yield printed at the tight end of yield talk in the 6% area.

Citigroup Global Markets was 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 were the joint bookrunners.

The notes were issued via 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.

Issuers:	Endo DAC, Endo Finance LLC, Endo Finco Inc.
Amount:	$300 million, decreased from $750 million
Maturity:	Oct. 15, 2024
Securities:	Senior secured notes
Left bookrunner:	Citigroup Global Markets
Joint bookrunners:	J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co., RBC Capital Markets
Co-managers:	MUFG, Fifth Third, SMBC Nikko, SunTrust Robinson Humphrey
Coupon:	5 7/8%
Price:	Par
Yield:	5 7/8%
Spread:	376 bps
Call protection:	Three years
Trade date:	April 12
Settlement date:	April 27
Ratings:	Moody's: Ba2
	S&P: BB
Distribution:	Rule 144A and Regulation S for life
Price talk:	6% area
Marketing:	Roadshow

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