Endo International draws $300 million from existing $1 billion revolver

Chicago, June 28 – Endo International plc borrowed $300 million under its previously disclosed $1 billion revolving credit facility through its subsidiary Endo Luxembourg Finance Co. I Sarl.

The facility bears interest at Libor plus 250 basis points at the time of borrowing, according to an 8-K filing with the Securities and Exchange Commission.

After this transaction, plus the previously issued and outstanding $3.2 million in letters of credit, $696.8 million remain available under the revolver.

However, the company’s debt agreements limit the company’s ability to incur additional secured debt, including borrowings under the facility, which restrict the company’s access to the remaining available credit.

Proceeds are expected to be used for capital allocation priorities, including general corporate purposes.

Endo is a generics and specialty branded pharmaceutical company based in Malvern, Pa.

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