Published on 6/25/2014 in the Prospect News High Yield Daily.
New Issue: Endo sells upsized $750 million 8.5-year notes at par to yield 5 3/8%
By Paul A. Harris
Portland, Ore., June 25 – Endo Finance LLC and Endo Finco Inc., units of Endo International plc, priced an upsized $750 million issue of 8.5-year senior notes (B1/B/) at par to yield 5 3/8% on Wednesday, according to a syndicate source.
The deal was upsized from $500 million.
The yield printed at the tight end of yield talk in the 5½% area.
Citigroup Global Markets Inc. and RBC Capital Markets are the joint bookrunners.
The Malvern, Pa.-based specialty health care company plans to use the proceeds for general corporate purposes, which may include acquisitions, including the acquisition of Dava Pharmaceuticals, Inc.
Issuer: | Endo Finance LLC and Endo Finco Inc.
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Amount: | $750 million, increased from $500 million
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Maturity: | Jan. 15, 2023
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Securities: | Senior notes
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Bookrunners: | Citigroup Global Markets Inc., RBC Capital Markets
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Co-managers: | Credit Agricole CIB, DNB, HSBC, Mitsubishi UFJ Securities, SunTrust Robinson Humphrey Inc.
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Coupon: | 5 3/8%
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Price: | Par
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Yield: | 5 3/8%
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Spread: | 322 bps
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First call: | July 15, 2017 at 104.031
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Trade date: | June 25
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Settlement date: | June 30
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Ratings: | Moody's: B1
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| Standard & Poor's: B
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Distribution: | Rule 144A and Regulation S with registration rights
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Price talk: | 5½% area
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Marketing: | Quick to market
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