Moody's assigns Endo facilities B2

Moody's Investors Service said it assigned a B2 rating to the new senior secured credit facilities, revolver and term loan, of Endo Luxembourg Finance I Co. Sarl, a finance subsidiary of Endo International plc. Endo LLC is a co-borrower to the new revolver.

Endo's other ratings are unchanged, including the B3 corporate family rating, B3-PD probability of default rating, B2 rating on the senior secured credit facilities, first-lien secured notes issued by Par Pharmaceutical Inc., a subsidiary of Endo and Caa2 rating on the second-lien secured notes and unsecured notes issued by Endo's finance subsidiaries. There was no change to the SGL-3 speculative grade liquidity rating.

Endo will employ the proceeds and other secured debt to refinance its term loan due 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,” Moody’s said in a press release.

The outlook is stable.

© 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.