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Endo to refinance $1B of existing senior notes, raise additional debt

Endo International PLC said it will refinance debt in a series of transactions that would include buying nearly $1 billion worth of its outstanding senior notes.

The Dublin-based drugmaker's wholly owned unit Endo Finance LLC will launch the cash tender offers subject to the condition that the total consideration paid does not exceed $1 billion.

The notes to be bought back include 7.25% senior notes due 2022, 5.75% senior notes due 2022, 5.375% senior notes due 2023 and 6.000% senior notes due 2023.

The company is also seeking to extend the maturity of its revolving credit facility from April 2022 to March 2024 along with modifications to certain conditions.

The tender offers are subject to Endo raising financing in gross proceeds of an aggregate principal amount of at least $1 billion. The funds can be raised either by issuing additional secured debt or by borrowing from the company's existing credit facilities.