Valeant Pharmaceuticals sets talk for $1 billion two-part note sale

By Paul A. Harris

St. Louis, Sept. 17 - Valeant Pharmaceuticals International Inc. set price talk for its $1 billion two-part offering of senior notes (B1/B+), a market source said Friday.

A tranche of seven-year notes, which comes with four years of call protection, is talked with a 7% yield.

Meanwhile, a tranche of 10-year notes, which comes with five years of call protection, is talked with a 7¼% yield.

Tranche sizes remain to be determined.

The order books are scheduled to close at 10 a.m. ET on Monday.

Goldman Sachs, Morgan Stanley & Co. and Jefferies & Co. are leading the Rule 144A and Regulation S offering.

Proceeds will be used to help fund Valeant's merger with Biovail Corp.

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

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