Endo International PLC upsized a previously announced private offering of notes by $500 million to $1.5 billion.

The Dublin-based drugmaker is offering 7.500% senior secured notes due 2027 at an issue price of $1,000 per $1,000 principal amount.

Endo plans to use net proceeds to fund tender offers by unit Endo Finance LLC and purchase a portion of the company's outstanding senior unsecured notes, as well as to reduce Endo's outstanding indebtedness.

S&P Global Ratings lowered the issue-level rating on Endo's senior secured debt to B+ from BB- following the initial refinancing announcement.

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