Valeant Prices Senior Notes at Par
22 May 2018 - - Laval, Quebec-based pharmaceutical and medical device company Valeant Pharmaceuticals International, Inc.'s (NYSE: VRX) (TSX: VRX) wholly owned indirect subsidiary, Valeant Pharmaceuticals International, has priced its previously announced offering of USD 750m aggregate principal amount of 8.5% unsecured senior notes due 2027, the company said.
The notes were offered at par. The offering is expected to close on or about June 1, 2018.
As previously announced, the company is seeking to amend and restate its existing credit agreement and borrow USD4.565 bn of new term B loans under the new credit agreement.
The proceeds of the notes and the new term B Loans, along with cash on hand, are expected to be used to refinance the company's outstanding term B loans and redeem the company's 5.375% senior notes due 2020, the issuer's 6.375% senior notes due 2020, the issuer's 6.75% senior notes due 2021, and the issuer's 7.25% senior notes due 2022, and to pay related fees and expenses.
Valeant Pharmaceuticals International is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics.