Simpson Thacher represented Goldman Sachs Bank USA, as administrative agent and collateral agent, in connection with a $1.5 billion senior secured seven-year term loan (the “Term Loan”) and $400 million senior secured five-year super-priority revolving credit facility extended to Endo Finance Holdings, Inc. (the “Company”), a subsidiary of Endo, Inc. (“Endo”).
Simpson Thacher also represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with a Rule 144A/Regulation S offering by the Company of $1 billion aggregate principal amount of 8.500% Senior Secured Notes due 2031 (the “Notes”).
Endo used a portion of the net proceeds of the Term Loan and the Notes offering, together with the proceeds of rights offerings under Endo International plc’s (“EIP”) Chapter 11 plan of reorganization (the “Plan”) and cash on hand, to acquire substantially all of the assets of EIP and certain of its affiliates. EIP used the sale proceeds to (i) make settlement payments under the Plan, (ii) make cash distributions to first lien claimholders under the Plan and (iii) pay certain professional fees. A portion of the proceeds of the Term Loan and Notes offering will also be used by Endo for general corporate purposes.
Endo is a diversified specialty pharmaceutical company boldly transforming insights into life-enhancing therapies.
The Simpson Thacher team included Bill Sheehan, Michael Ratay, Callie Robins, Constantine Valettas and Emma Li (Credit); Art Robinson, Marisa Stavenas, John O’Connell and Ben Pittenger (Capital Markets); Sandy Qusba, Nick Baker, Soogy Lee and Dov Gottlieb (Restructuring); Jonathan Pall (Collateral); Jeanne Annarumma and Alisa Tschorke (Executive Compensation and Benefits); Vanessa Burrows, Nawa Lodin and Jacob Madden (Healthcare); Courtney Welshimer, Marissa Lambert and Kate Mirino (Intellectual Property); Timothy Gallagher (Real Estate); Jon Cantor, Ed Grais and Michael Leitner (Tax) and Jennie Getsin (Blue Sky).