Endo International plc (NASDAQ: ENDP) (“Endo”) today announced that Par Pharmaceutical, Inc. (the “Issuer”), its wholly-owned subsidiary, priced $1.5 billion aggregate principal amount of 7.500% senior secured notes due 2027 at an issue price of $1,000 per $1,000 principal amount in connection with its previously announced private offering, which represents an upsize of $500.0 million over the previously contemplated offering amount. The notes will be senior secured obligations of the Issuer and will be guaranteed by Endo and certain of Endo’s subsidiaries and will be secured by first priority liens on the same collateral that secures Endo’s obligations under its existing senior secured credit facilities and existing senior secured notes.
Endo intends to use the net proceeds from the offering, together with cash on hand, to fund cash tender offers (the “Tender Offers”) by Endo Finance LLC, a wholly-owned subsidiary of Endo, to purchase a portion of Endo’s outstanding senior unsecured notes and to pay certain related premiums, fees and expenses. Endo intends to use the remaining net proceeds, if any, from this offering to reduce Endo’s outstanding indebtedness, including by means of one or more redemptions, repurchases or other repayments of any of Endo’s outstanding indebtedness.
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