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Endo, Inc. Announces Pricing of $1.5 billion of Senior Secured Term Loan as Part of Endo's $2.5 billion Exit Financing - Thu Apr 11, 6:45PM CDT

MALVERN, Pa., April 11, 2024 /CNW/ -- Endo, Inc. ("Endo"), a newly formed entity, today announced that its wholly-owned subsidiary Endo Finance Holdings, Inc. (the "Borrower") priced its $1,500.0 million senior secured seven-year term loan (the "Term Loan"). To optimize the exit financing transactions, the Borrower has (i) increased the expected size of the Term Loan from $1,250.0 million aggregate principal amount to $1,500.0 million aggregate principal amount and (ii) decreased the offering size of its 8.500% senior secured notes due 2031 (the "Notes") from $1,250.0 million aggregate principal amount to $1,000.0 million aggregate principal amount. The Term Loan will have an interest rate of, at the Borrower's option, Term SOFR plus 4.50% per annum or a base rate plus 3.50% per annum, in each case, stepping down by 0.25% upon achievement of certain first lien net leverage levels. The Term Loan will be senior secured obligations of the Borrower and will be guaranteed on a senior secured basis by Endo and, upon emergence, certain of Endo's subsidiaries. The full amount of the Term Loan is expected to be borrowed on April 23, 2024, subject to customary closing conditions.


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