Research Update: Endo Pharmaceuticals Holdings Inc. $2.7B Credit Facility Assigned 'BBB-' Rating (Recovery Rating: 1) Jun 11
- ID: 1831108
- June 2011
- Standard & Poors
Chadds Ford, Pa.-based specialty pharmaceutical company Endo Pharmaceuticals Holdings Inc. has acquired American Medical Systems Inc. (AMS) for approximately $2.9 billion. Endo used proceeds from a $2.7 billion senior secured credit facility and $900 million of senior unsecured notes to fund the acquisition, refinance Endo's existing secured debt, and pay transaction fees. We are assigning a 'BBB-' issue-level rating to the company's $2.7 billion senior secured credit facility and a 'BB-' issue-level rating to the $900 million of senior unsecured notes. We are also affirming our 'BB' corporate credit rating and the 'BB-' issue-level rating on the existing $400 million of senior unsecured notes. The stable outlook reflects its significantly increased free operating cash flow with the acquisition of AMS....
Companies mentioned in this report are:
- Endo Health Solutions Inc.
- American Medical Systems Inc.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
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