By Paul A. Harris
Portland, Ore., March 11 – Endo International plc priced an upsized $1.295 billion issue of eight-year senior secured first-lien notes (B3/B+) at par to yield 6 1/8% in a Thursday drive-by, according to market sources.
The issue size increased from $1 billion, representing the shift of $295 million of proceeds from a concurrent bank loan.
The yield printed at the tight end of yield talk in the 6¼% area. Initial guidance was in the 6½% area.
The deal was heard to be playing to $4.9 billion of demand, a trader said.
JPMorgan was at the left of a syndicate of deal managers that also included Citigroup, Barclays, BofA, Deutsche Bank, Goldman Sachs, RBC and Siebert Williams Shank.
As a result of the shift of proceeds to the notes from the loan, the loan decreased to $2 billion from $2.295 billion.
The issuing entities, Endo Luxembourg Finance Co. I Sarl and Endo U.S. Inc., are wholly owned subsidiaries of Endo International.
The Dublin, Ireland-based specialty pharmaceutical company plans to use the proceeds plus proceeds from the new senior secured term loan to refinance its existing term loan.
| Issuers: | Endo Luxembourg Finance Co. I Sarl and Endo U.S. Inc.
|
| Amount: | $1.295 billion
|
| Tenor: | Eight years
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| Securities: | Senior secured first-lien notes
|
| Managers: | JPMorgan, Citigroup, Barclays, BofA, Deutsche Bank, Goldman Sachs, RBC and Siebert Williams Shank
|
| Coupon: | 6 1/8%
|
| Price: | Par
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| Yield: | 6 1/8%
|
| Call protection: | Three years
|
| Trade date: | March 11
|
| Ratings: | Moody's: B3
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¼% area
|
| Marketing: | Drive-by
|
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