Valeant to start roadshow Monday for $275 million eight-year notes

By Paul A. Harris

St. Louis, Nov. 25 - Valeant Pharmaceuticals International starts the roadshow Monday for an offering of $275 million of senior notes due 2011 (BB-), according to an informed source.

The deal is expected to price Friday Dec. 5 or Monday Dec. 8.

Bear Stearns & Co. is the bookrunner on the Rule 144A deal. Goldman Sachs & Co. and Banc of America Securities are co-managers.

The eight-year notes will be non-callable for four years.

Valeant will use proceeds to retire the remaining outstanding 6 ½% convertible subordinated notes due 2008 not retired with proceeds from its recent offering of convertibles and for general corporate purposes, including potential acquisitions.

The pharmaceutical company, formerly known as ICN Pharmaceuticals, is based in Costa Mesa, Calif.

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