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S&P rates Endo notes B+
S&P said it assigned its B+ issue-level and 2 recovery ratings to the proposed $1 billion first-lien notes to be issued by Endo Luxembourg Finance Co. Sarl and Endo U.S. Inc. Parent Endo International plc and certain of its material wholly owned restricted subsidiaries will guarantee the notes.
The 2 recovery rating indicates an expectation for substantial (70%-90%; rounded estimate: 70%) recovery in default and is consistent with the recovery rating on its outstanding first-lien debt issues, which are all pari passu, S&P said.
Endo is expected to use the proceeds with the proceeds from its proposed first-lien term loan to repay its $3.3 billion first-lien term loan maturing in 2024 in a leverage-neutral transaction, the agency said.
The CCC+ issue-level rating and 6 recovery rating on Endo's existing second-lien and senior unsecured debt are unchanged, S&P said.
The outlook is negative.
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