Endo starts roadshow for $1.25 billion seven-year secured notes backing exit from Chapter 11

By Paul A. Harris

Portland, Ore., April 8 – Endo Finance Holdings, Inc. commenced marketing of a $1.25 billion offering of seven-year senior secured notes on Monday, according to market sources.

The deal is in the market in front of $2.8 billion of reverse inquiry in the mid-9% area, a trader said.

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

JPMorgan is leading the notes’ sale.

The Dublin-based specialty pharmaceutical company plans to use a portion of the proceeds plus a new term loan, a rights offering under its Chapter 11 reorganization plan and cash on hand to acquire substantially all of the assets of Endo International plc (EIP) and certain affiliates.

EIP will use the sale proceeds to settle payments under the plan, as well as to make cash distributions to the first-lien claimholders and for general corporate purposes.

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