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Research Update: Endo Pharmaceuticals Holdings Inc. $2.7B Credit Facility Assigned 'BBB-' Rating (Recovery Rating: 1) Jun 11

  • ID: 1831108
  • June 2011
  • Standard & Poors

Abstract
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: Affirmed
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. READ MORE >

Note: Product cover images may vary from those shown

- Endo Health Solutions Inc.
- American Medical Systems Inc.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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