Valeant Pharmaceuticals to launch $3.18 billion term loan on Thursday

By Sara Rosenberg

New York, Dec. 4 - Valeant Pharmaceuticals International Inc. will hold a call on Thursday to launch a $3,176,000,000 term loan B-series E due August 2020 that is talked at Libor plus 275 basis points to 300 bps with a 0.75% Libor floor and a par offer price, according to a market source.

The loan has 101 soft call protection for six months, the source said.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing term loan debt.

Concurrent with refinancing, the company will seek to extend its existing term loan A-1 and term loan A-2, the source added.

Valeant is a Bridgewater, N.J.-based specialty pharmaceutical company.

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