S&P rates Endo loans BB

Standard & Poor’s said it assigned BB ratings to Endo Luxembourg Finance Co. I Sarl’s new $2.5 billion senior secured term loan B and new $1 billion asset-sale bridge facility.

The recovery rating on this debt is 1, indicating 90% to 100% expected default recovery.

Endo Luxembourg is a subsidiary of Endo International plc.

The BB rating and 1 recovery rating on the $1 billion senior secured revolving credit facility, which was increased from $750 million, is unchanged, along with the same ratings on its amended $1.1 billion term loan A.

The new term loan B and the asset sale bridge facility will have the same guarantee and collateral package as the existing credit facilities, S&P said.

The B+ rating on Endo’s senior unsecured debt remains on CreditWatch with negative implications.

The corporate credit rating on Endo is B+ and the outlook is stable.

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