Valeant sets talk on $1.5 billion two-part offering of senior notes

By Cristal Cody and Paul A. Harris

Prospect News, March 2 - Valeant Pharmaceuticals International Inc. set the price talk on its $1.5 billion two-tranche offering of senior notes, a source said.

The notes due 2016 are talked to yield 6.25%, and the tranche of notes due 2022 is talked at a 7.25% yield, a source said.

The deal is offered under Rule 144A.

Goldman Sachs & Co. is the bookrunner. Co-managers are J.P. Morgan Securities LLC and Scotia Capital Inc.

The notes had been expected to price on Wednesday. Additional terms were not available as Prospect News was going to press.

The proceeds will be used to prepay the amounts outstanding under the company's term loan A facility, to finance the redemption of 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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