Valeant defeases 7 5/8% and 8 3/8% notes; redemption set for Oct. 27

By Devika Patel

Knoxville, Tenn., Sept. 27 - Valeant Pharmaceuticals International said it will redeem all of its 7 5/8% senior notes due 2020 and all of its 8 3/8% senior notes due 2016 on Oct. 27.

The company deposited $955.46 million with the Bank of New York Mellon Trust Co., NA, the notes' trustee, to defease the notes.

Valeant makes pharmaceutical products primarily in the areas of neurology and dermatology and is based in Aliso Viejo, Calif.

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