Published on 11/18/2010 in the Prospect News High Yield Daily.
New Issue: Endo Pharmaceuticals prices $400 million 7% 10-year notes at 99.105 to yield 7 1/8%
By Paul A. Harris
St. Louis, Nov. 18 - Endo Pharmaceuticals Holdings Inc. priced a $400 million issue of 7% 10-year senior notes (Ba2/BB+/) at 99.105 to yield 7 1/8% on Thursday, according to market sources.
The yield printed on top of the price talk.
J.P. Morgan Securities LLC, RBC Capital Markets Corp. and Barclays Capital Inc. were the joint bookrunners.
The Chadds Ford, Pa.-based pharmaceutical company will use the proceeds to partially finance the pending acquisition of Qualitest Pharmaceuticals or for general corporate purposes.
Issuer: | Endo Pharmaceuticals Holdings Inc.
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Amount: | $400 million
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Maturity: | Dec. 15, 2020
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Securities: | Senior notes
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Bookrunners: | J.P. Morgan Securities LLC, RBC Capital Markets Corp., Barclays Capital Inc.
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Coupon: | 7%
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Price: | 99.105
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Yield: | 7 1/8%
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Spread: | 422 bps
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Call protection: | Make-whole call at Treasuries plus 50 bps until Dec. 15, 2015, then callable at a premium
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Trade date: | Nov. 18
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Settlement date: | Nov. 23
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Ratings: | Moody's: Ba2
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| Standard & Poor's: BB+
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Distribution: | Rule 144A and Regulation S
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Price talk: | 7 1/8% area
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Marketing: | Brief roadshow
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