Pryor Cashman successfully represented Wilmington Savings Fund Society, FSB, as the Administrative Agent and Collateral Agent of a $1.35 billion secured credit facility in the merger between Mallinckrodt plc ("Mallinckrodt") and Endo, Inc. ("Endo").
The merger was announced on March 13, 2025, and became effective on July 31, 2025. Endo shareholders received a total of $100 million cash and own 49.9% of Mallinckrodt, while Mallinckrodt's pre-transaction shareholders own 50.1% of Mallinckrodt.
A subsidiary of Mallinckrodt, specializing in the generics and sterile injections business, incurred a $1.35 billion secured credit facility, comprised of a $150 revolver and a $1.2 billion term loan. Proceeds from the secured credit facility were used to pay off Mallinckrodt's senior secured term loans and redeem Mallinckrodt's senior secured notes concurrently with the completion of the merger. The remaining proceeds will be used to finance the transaction or for general corporate purposes.
Representing the Wilmington Savings Fund Society is Partner Seth Lieberman, Chair of the Bankruptcy, Reorganization, and Creditors' Rights Group and Co-Chair of the Corporate Trust Practice; Partner Patrick Sibley, Co-Chair of the Corporate Trust Practice; Partner David Smith, Associate Arsala Kidwai, and Associate Melissa Brij-Raj, all of whom are members of the firm's Corporate Trust Group.
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