Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On June 28, 2019, Endo International plc (the Company), through its subsidiary Endo Luxembourg Finance Company I S.à r.l., borrowed $300.0 million under its previously disclosed $1,000.0 million existing revolving credit facility (the Revolving Credit Facility), which bears interest at a rate equal to LIBOR plus 2.50% at the time of the borrowing. After giving effect to this transaction and the previously issued and outstanding $3.2 million of letters of credit, approximately $696.8 million remain available under the Revolving Credit Facility. However, the Company’s debt agreements, including the Credit Agreement, dated as of April 27, 2017 (the Credit Agreement), as amended by the First Amendment to the Credit Agreement dated as of March 28, 2019 (the First Amendment), contain certain conditions that limit the Company’s ability to incur additional secured indebtedness, including borrowings under the Revolving Credit Facility, which significantly restrict the Company’s access to this remaining available credit. The Company expects to use the proceeds from the borrowing under the Revolving Credit Facility for purposes consistent with the Company’s previously stated capital allocation priorities, including for general corporate purposes.
The Credit Agreement was described in the Company’s Current Report on Form 8-K filed on April 28, 2017, and was filed as Exhibit 10.1 thereto, and the First Amendment was described in the Company’s Current Report on Form 8-K filed on March 28, 2019, and was filed as Exhibit 10.1 thereto. Such descriptions are incorporated by reference herein.
Forward Looking Statements
This current report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Canadian securities legislation, including, but not limited to, the statements relating to the use of proceeds. 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 the Company’s current views, expectations and beliefs concerning future events, they involve risks and uncertainties. Although the Company 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 current report. Readers should note that many factors, as more fully described in the documents filed by the Company with the Securities and Exchange Commission and with securities regulators in Canada on the System for Electronic Document Analysis and Retrieval, including under the caption "Risk Factors" in the Company’s Form 10-K, Form 10-Q and Form 8-K filings, and as otherwise enumerated herein or therein, could affect the Company’s future results and could cause the Company’s actual results to differ materially from those expressed in forward-looking statements contained in this current report. The forward-looking statements in this current report are qualified by these risk factors. The Company 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.