Moody's assigns Endo notes B2

Moody's Investors Service said it assigned a B2 rating to the new senior secured notes being issued by Endo Luxembourg Finance I Co. Sarl, a finance subsidiary of Endo International plc. Endo U.S. Inc. is a co-issuer of the notes.

There is no change to Endo's ratings, including the B2 rating on the senior secured credit facilities and first-lien secured notes issued by subsidiary Par Pharmaceuticals Inc., or the Caa2 rating on the second-lien secured notes and unsecured notes issued by Endo Finance LLC and Endo Finance Co. The SGL-3 speculative grade liquidity rating is unchanged.

Endo will use the proceeds, along with proceeds from its new senior secured term loan to refinance its term loan that matures in 2024.

“The refinancing improves Endo's debt maturity profile, extending a portion of its revolver expiration to March 2026 and making debt maturities over the next three to four years more manageable with existing and future cash flow,” the agency said in a press release.

The outlook is stable.

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