By Ronda Fears
Nashville, Oct. 6 - An upsized secondary offering of 29 million shares of Endo Pharmaceuticals Holdings Inc., bumped up from 26 million shares, priced at $26.04 per share - pat with Wednesday's close - via joint bookrunners Bear Stearns & Co. Inc. and Citigroup Global Markets Inc.
The majority of the shares involved were sold by the company's largest shareholder, Endo Pharma LLC, an affiliate of Kelso & Co. Certain company executive stockholders and directors also sold shares.
Prior to the deal, Endo Pharma LLC owned approximately 48% of outstanding Endo shares. Following the sale, Endo Pharma LLC will have an approximate 19% equity stake in the company, or 17% if the available greenshoe is exercised in full.
Chadds Ford, Pa.-based Endo has about 133 million shares outstanding and will not receive any of the proceeds from the offering.
The company markets generic and branded drugs, including several pain medications such as Percocet and Percodan, as well as a treatment for Parkinson's disease.
| Issuer: | Endo Pharma LLC, certain company executives and directors
|
| Reference stock: | Endo Pharmaceuticals Holdings Inc.
|
| Issue: | Secondary stock offering
|
| Gross proceeds: | $755.16 million
|
| Shares: | 29 million shares, upped from 26 million
|
| Greenshoe: | 4.35 million shares
|
| Price: | $26.04 per share
|
| Bookrunners: | Bear Stearns & Co. Inc. and Citigroup Global Markets Inc.
|
| Co-managers: | Morgan Stanley, SG Cowen & Co., UBS Investment Bank, C.E. Unterberg Towbin, Jefferies & Co. and JPMorgan
|
| Pricing date: | Oct. 5
|
| Settlement date: | Oct. 12
|
| Ticker: | ENDP
|
| Stock price: | $26.04 at close Oct. 5
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
