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Valeant calls $450 million 6½% notes due 2016 via new issue proceeds
By Susanna Moon
Chicago, Nov. 15 - Valeant Pharmaceuticals International, Inc. called $450 million of its subsidiary's 6½% senior notes due 2016 after pricing an upsized issue of senior notes.
Valeant Pharmaceuticals Inc. priced an upsized $900 million issue of eight-year senior notes at par to yield 5 5/8% on Nov. 15, as reported by Prospect News.
Valeant plans to call the remaining $465.5 million of the notes on Dec. 2, according to a company press release.
The company said it plans to use the remaining proceeds, along with about $100 million of either cash on hand or borrowings under its revolving credit facility, to pay the redemption price of the notes called.
The company's wholly owned subsidiary is Valeant Pharmaceuticals International.
Valeant is a specialty pharmaceutical company with U.S. headquarters in Bridgewater, N.J.
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