S&P assigns B+ to Endo notes

S&P said it assigned a B+ issue-level rating to Endo Inc. subsidiary Endo Finance Holdings, Inc.'s planned senior secured notes due 2032. The recovery rating is 3, reflecting meaningful (50% to 70%; rounded estimate: 55%) recovery if the company defaults.

The ratings align with those on Endo’s first-lien term loan.

Endo will use to proceeds, together with the proceeds from the term loan B i, equity offerings, and cash on hand to make settlement payments, make distributions to holders of first-lien claims, and pay professional fees associated with its emergence from Chapter 11 bankruptcy.

The outlook is stable.

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