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Endo, Inc. Announces Proposed New Senior Secured Credit Facilities | ||
By: PR Newswire Association LLC. - 01 Apr 2024 | Back to overview list |
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MALVERN, Pa., April 1, 2024 /PRNewswire/ -- Endo, Inc. ("Endo"), a newly formed entity, today announced that its wholly-owned subsidiary Endo Finance Holdings, Inc. (the "Borrower") intends to enter into new senior secured credit facilities consisting of: (i) a $400.0 million five-year super-priority revolving credit facility (the "New Revolving Facility"); and (ii) a $1,250.0 million seven-year term loan facility (the "New Term Loan Facility", and together with the New Revolving Facility, the "New Credit Facilities"). The New Credit Facilities will be guaranteed by Endo and certain of the Borrower's subsidiaries (collectively, the "Guarantors") and will be secured by first priority liens on substantially all assets of the Borrower and the Guarantors, subject to certain exceptions. Endo intends to use the net proceeds of the New Term Loan Facility, together with the proceeds of the rights offerings under the Plan (as defined below), certain other debt and cash on hand to, among other things: (i) make settlement payments under the Fourth Amended Joint Chapter 11 Plan of Reorganization of Endo International plc and its affiliated debtors (the "Plan") to various trust beneficiaries and the U.S. federal government; (ii) make cash distributions to first lien claimholders under the Plan; (iii) pay restructuring expenses and other fees and expenses; and (iv) fund Endo's prospective operations. Endo currently expects the Plan to be effective on or around April 23, 2024. The New Credit Facilities are subject to market and other conditions and are anticipated to close substantially concurrently with the effectiveness of the Plan. However, there can be no assurance that the New Credit Facilities will be consummated on the terms described herein or at all. About Endo, Inc. Forward-Looking Statements Logo - https://mma.prnewswire.com/media/530208/Endo_International_plc_Logo.jpg View original content:https://www.prnewswire.co.uk/news-releases/endo-inc-announces-proposed-new-senior-secured-credit-facilities-302104615.html |
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