Valeant intends to use the net proceeds from the offering of the notes, along with cash on hand, to repurchase USD 1bn aggregate principal amount of its outstanding 5.375% senior notes due 2020 and Valeant Pharmaceuticals International's, a wholly-owned subsidiary of the company, outstanding 7.000% senior notes due 2020 and 6.375% senior notes due 2020 and to pay related fees and expenses.
The company also announced TODAY that it has provided notice to its lenders of its intent to repay USD 175m of amounts outstanding under its revolving credit facility this week, using cash on hand.
These notes will be guaranteed by each of the company's subsidiaries that are guarantors under the company's credit agreement and the company's existing senior notes.
Consummation of the offering of the notes is subject to market and other conditions, and there can be no assurance that the company will be able to successfully complete this transaction on the terms described above, or at all.
Valeant Pharmaceuticals International develops, manufactures and markets a range of pharmaceutical products primarily in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics.
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