Published on 4/12/2017 in the Prospect News High Yield Daily.
New Issue: Endo prices downsized $300 million seven-year secured notes at par to yield 5 7/8%
By Paul A. Harris
Portland, Ore., April 12 – Endo International plc priced a downsized $300 million issue of senior secured notes due Oct. 15, 2024 (Ba2/BB) at par to yield 5 7/8% on Wednesday, according to a syndicate source.
The issue size was decreased from $750 million with the shift of $450 million of proceeds to the term loan, increasing it to $3,415,000,000 from $2,965,000,000.
The yield printed at the tight end of yield talk in the 6% area.
Citigroup Global Markets was the left bookrunner. J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. and RBC Capital Markets LLC were the joint bookrunners.
The notes were issued via Endo DAC, Endo Finance LLC and Endo Finco Inc.
The Dublin, Ireland-based specialty pharmaceutical company plans to use the proceeds to refinance debt and for general corporate purposes.
Issuers: | Endo DAC, Endo Finance LLC, Endo Finco Inc.
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Amount: | $300 million, decreased from $750 million
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Maturity: | Oct. 15, 2024
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Securities: | Senior secured notes
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Left bookrunner: | Citigroup Global Markets
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Joint bookrunners: | J.P. Morgan Securities LLC, Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co., RBC Capital Markets
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Co-managers: | MUFG, Fifth Third, SMBC Nikko, SunTrust Robinson Humphrey
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Coupon: | 5 7/8%
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Price: | Par
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Yield: | 5 7/8%
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Spread: | 376 bps
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Call protection: | Three years
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Trade date: | April 12
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Settlement date: | April 27
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Ratings: | Moody's: Ba2
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| S&P: BB
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 6% area
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Marketing: | Roadshow
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