Endo plans to sell $1 billion eight-year secured notes on Thursday; initial talk in 6½% area

By Paul A. Harris

Portland, Ore., March 11 – Endo International plc plans to price a $1 billion offering of eight-year senior secured first-lien notes (B3/B+) in a Thursday drive-by, according to market sources.

Initial guidance has the notes coming to yield in the 6½% area.

JPMorgan, Citigroup, Barclays, BofA, Deutsche Bank, Goldman Sachs, RBC and Siebert Williams Shank are leading the deal.

The Rule 144A and Regulation S for life notes come with three years of call protection.

The issuing entities will be Endo Luxembourg Finance Co. I Sarl and Endo U.S. Inc., wholly owned subsidiaries of Endo International.

The Dublin, Ireland-based specialty pharmaceutical company plans to use the proceeds plus proceeds from a new senior secured term loan to refinance its existing term loan.

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