Endo Announces Public Offering Of $1.75 Bln Shares

(RTTNews) - Endo International plc (ENDP, ENL.TO) on Tuesday said it has commenced an underwritten public offering of $1.75 billion of ordinary shares. All ordinary shares in the offering are to be sold by Endo.

The company will also grant to the underwriters of the offering an option, exercisable for a period of 30 days following the date of the final prospectus supplement, to purchase an additional $262.5 million of ordinary shares at the public offering price, less the underwriting discounts and commissions.

The company expects to use the net proceeds of the offering, together with the proceeds of additional indebtedness and cash on hand, to fund the purchase price of the previously announced acquisition of Par Pharmaceutical Holdings Inc, as well as repayments of indebtedness of Par and certain transaction expenses. The company intends to use any remaining proceeds for general corporate purposes, including acquisitions and debt repayments. However, the offering is not conditioned on such acquisition.