Endo Pharmaceuticals sets structure for $700 million senior notes

By Paul A. Harris

Portland, Ore., May 31 - Endo Pharmaceuticals Holdings Inc. will offer its previously announced $700 million of senior notes (Ba3/BB-/) in eight-year and 12-year tranches, an informed source said on Tuesday.

A roadshow began on Tuesday. A global investor call is set for Wednesday.

The deal is expected to price on Friday.

Bank of America Merrill Lynch, Morgan Stanley & Co., Inc., Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are joint bookrunners for the Rule 144A with registration rights and Regulation S offering.

Barclays Capital Inc., Credit Suisse Securities (USC) LLC, Lazard Capital Markets and RBC Capital Markets are co-managers.

The eight-year notes will come with three years of call protection. The 12-year notes come with five years of call protection.

The notes feature a 101% poison put.

Proceeds, along with cash on hand and proceeds from a new $2.9 billion credit facility, will be used to finance Endo's acquisition of American Medical Systems and to refinance American Medical Systems debt and Endo's existing credit facility.

Endo is a Chadds Ford, Pa.-based specialty health care company.

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