By Paul A. Harris
St. Louis, April 6 - Valeant Pharmaceuticals International priced an upsized $400 million issue of 10-year senior unsecured notes (Ba3/BB-/) at par to yield 7 5/8% on Tuesday, according to market sources.
The yield printed at the tight end of the 7¾% area price talk.
Goldman Sachs & Co., Jefferies & Co. and J.P. Morgan Securities Inc. were the joint bookrunners for the quick-to-market deal, which was upsized from $350 million.
Proceeds will be used to repurchase the company's 3% convertible subordinated notes due 2010 and other securities, to finance the acquisition of a private branded generics and over-the-counter company located in Brazil and for general corporate purposes.
The issuer is an Aliso Viejo, Calif.-based specialty pharmaceutical company.
| Issuer: | Valeant Pharmaceuticals International
|
| Amount: | $400 million, increased from $350 million
|
| Maturity: | March 15, 2020
|
| Securities: | Senior unsecured notes
|
| Bookrunners: | Goldman Sachs & Co., Jefferies & Co., J.P. Morgan Securities Inc.
|
| Coupon: | 7 5/8%
|
| Price: | Par
|
| Yield: | 7 5/8%
|
| Spread: | 367 bps
|
| Call protection: | Five years
|
| Trade date: | April 6
|
| Settlement date: | April 9
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 7¾% area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
