By Paul A. Harris
Portland, Ore., Nov. 15 - Valeant Pharmaceuticals Inc. priced an upsized $900 million issue of eight-year senior notes (B1/B/) at par to yield 5 5/8% on Friday, according to a market source.
The deal was upsized from $850 million.
The yield printed at the tight end of yield talk that was set in the 5¾% area.
Goldman Sachs & Co., BofA Merrill Lynch and J.P. Morgan Securities LLC were the joint bookrunners.
The Laval, Quebec-based specialty pharmaceutical company plans to use the proceeds to redeem its 6½% notes due 2016 and to pay down its revolving credit facility.
| Issuer: | Valeant Pharmaceuticals Inc.
|
| Amount: | $900 million, increased from $850 million
|
| Maturity: | Dec. 1, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Goldman Sachs & Co., BofA Merrill Lynch, J.P. Morgan Securities LLC
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | 295 bps
|
| First call: | Dec. 1, 2016 at 102.813
|
| Trade date: | Nov. 15
|
| Settlement date: | Dec. 2
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A for life
|
| Price talk: | 5¾% area
|
| Marketing: | Quick to market
|
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