Endo Pharmaceuticals Holdings upsizes term loan to $400 million

By Sara Rosenberg

New York, Nov. 15 - Endo Pharmaceuticals Holdings Inc. increased its term loan to $400 million from $200 million as a result of strong demand, according to a market source.

Pricing on the term loan, as well as on the company's $500 million revolver, was left unchanged at Libor plus 250 basis points, the source said.

Both tranches are only being marketed to banks and are being offered with upfront fees based on commitment size.

There is no Libor floor.

JPMorgan and RBC are the lead banks on the now $900 million five-year credit facility.

There is a $200 million accordion feature.

Proceeds from the facility, along with $400 million of senior unsecured notes, will be used to help fund the acquisition of Qualitest Pharmaceuticals, a Huntsville, Ala.-based generics company, from Apax Partners for $1.2 billion in cash.

Closing on the transaction is expected late in the fourth quarter of 2010 or early in the first quarter of 2011, subject to regulatory approval.

Endo is a Chadds Ford, Pa.-based specialty health care services company focused on high-value branded products and specialty generics.

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