Valeant Pharmaceuticals launches $1.5 billion notes offering

By Angela McDaniels

Tacoma, Wash., March 1 - Valeant Pharmaceuticals International launched an offering of about $1.5 billion principal amount of senior notes, according to a news release from parent company Valeant Pharmaceuticals International, Inc.

The notes will be offered in the United States under Rule 144A and outside the United States under Regulation S.

The company plans to use the proceeds to prepay the amounts outstanding under its term loan A facility, to finance the redemption of its 4% convertible subordinated notes due 2013, to fund the $275 million repurchase of the parent company's common shares from ValueAct Capital Master Fund, LP and for general corporate purposes.

Valeant is a specialty pharmaceutical company based in Mississauga, Ont.

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