Endo Sells $2.5 Billion of Debt to Fund Its Exit From Bankruptcy
- Debt includes $1 billion note and $1.5 billion term loan
- Proceeds will fund Endo’s restructuring and legal settlements
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Banks sold $2.5 billion in bonds and loans to fund Endo International’s emergence from Chapter 11 after a judge approved the drugmaker’s debt restructuring last month.
The exit financing includes a new $1 billion bond with an 8.5% coupon, representing the tight end of initial pricing discussions, according to a person with knowledge of the matter. The funding package also includes a $1.5 billion term loan priced at 450 basis points over the Secured Overnight Financing Rate, another person with knowledge of the deal said.