Endo launches $1.25 billion term loan B at SOFR plus 475-500 bps

By Sara Rosenberg

New York, April 2 – Endo Inc. launched on Tuesday its $1.25 billion seven-year term loan B with price talk of SOFR plus 475 basis points to 500 bps with a 25 bps step-down at 0.5x inside closing date first-lien net leverage, a 0.5% floor and an original issue discount of 98 to 98.5, according to a market source.

The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

The company’s $1.65 billion of credit facilities (B2/B+) also include a $400 million super-priority revolver.

Goldman Sachs Bank USA and JPMorgan Chase Bank are the arrangers on the deal.

Commitments are due at 10 a.m. ET on April 11, the source added.

Proceeds will be used with $1.25 billion of other secured debt to fund the company’s exit from Chapter 11.

The company hopes to emerge from bankruptcy as early as late April.

Endo is a Dublin-based diversified specialty pharmaceutical company that filed bankruptcy on Aug. 16, 2022. The Chapter 11 case number is 22-22549.

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