Endo, Inc. Announces Proposed New Senior Secured Credit Facilities

MALVERN, Pa., April 1, 2024 /PRNewswire/ -- Endo, Inc. ("Endo"), a newly formed entity, today announced that its wholly-owned subsidiary Endo Finance Holdings, Inc. (the "Borrower") intends to enter into new senior secured credit facilities consisting of: (i) a $400.0 million five-year super-priority revolving credit facility (the "New Revolving Facility"); and (ii) a $1,250.0 million seven-year term loan facility (the "New Term Loan Facility", and together with the New Revolving Facility, the "New Credit Facilities").

The New Credit Facilities will be guaranteed by Endo and certain of the Borrower's subsidiaries (collectively, the "Guarantors") and will be secured by first priority liens on substantially all assets of the Borrower and the Guarantors, subject to certain exceptions.  Endo intends to use the net proceeds of the New Term Loan Facility, together with the proceeds of the rights offerings under the Plan (as defined below), certain other debt and cash on hand to, among other things: (i) make settlement payments under the Fourth Amended Joint Chapter 11 Plan of Reorganization of Endo International plc and its affiliated debtors (the "Plan") to various trust beneficiaries and the U.S. federal government; (ii) make cash distributions to first lien claimholders under the Plan; (iii) pay restructuring expenses and other fees and expenses; and (iv) fund Endo's prospective operations.

Endo currently expects the Plan to be effective on or around April 23, 2024.

The New Credit Facilities are subject to market and other conditions and are anticipated to close substantially concurrently with the effectiveness of the Plan. However, there can be no assurance that the New Credit Facilities will be consummated on the terms described herein or at all.

About Endo, Inc.
Endo, Inc. was recently formed for the purpose of acquiring substantially all of Endo International plc's assets and assuming certain liabilities pursuant to Endo International plc's recently approved Chapter 11 plan of reorganization. Upon consummation of the plan, which is expected to occur on or around April 23, 2024, Endo, Inc. will become a diversified specialty pharmaceutical company.  Endo, Inc. will have a broad portfolio of medicines, a deep new product pipeline and will be focused on transforming insights into life-enhancing therapies. 

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Endo's financing plans, including the Borrower's intention to incur the New Credit Facilities and the use of proceeds therefrom. Statements including words such as "believes," "expects," "anticipates," "intends," "estimates," "plan," "will," "may," "look forward," "intend," "guidance," "future" or similar expressions are forward-looking statements. Because these statements reflect Endo's current views, expectations and beliefs concerning future events, they involve risks and uncertainties, some of which Endo may not currently be able to predict. Although Endo believes that these forward-looking statements and information are based upon reasonable assumptions and expectations, readers should not place undue reliance on them, or any other forward-looking statements or information in this news release. Endo assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required under applicable securities laws.

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