Endo Sells $2.5 Billion of Debt to Fund Its Exit From Bankruptcy

Banks sold $2.5 billion in bonds and loans to fund Endo International’s emergence from Chapter 11 after a judge approved the drugmaker’s debt restructuring last month.

The exit financing includes a new $1 billion bond with an 8.5% coupon, representing the tight end of initial pricing discussions, according to a person with knowledge of the matter. The funding package also includes a $1.5 billion term loan priced at 450 basis points over the Secured Overnight Financing Rate, another person with knowledge of the deal said.

Banks led by Goldman Sachs Group Inc. and JPMorgan Chase & Co. launched the ...