By Paul A. Harris
Portland, Ore., Jan. 15 – Valeant Pharmaceuticals International, Inc. priced a $1 billion issue of eight-year senior notes (B1/B) at par to yield 5½% on Thursday, according to a market source.
The yield printed at the tight end of the 5½% to 5 5/8% yield talk. Early yield guidance was 5½% to 5¾%.
Barclays was the left bookrunner for the quick-to-market issue.
RBC Capital Markets LLC, Deutsche Bank Securities Inc., DNB Markets Inc., HSBC Securities (USA) Inc., MUFG and Morgan Stanley & Co. LLC were the joint bookrunners.
The specialty pharmaceutical company plans to use the proceeds to redeem its 6 7/8% senior notes due 2018, to repay all or a portion of its revolver and for general corporate purposes, including acquisitions.
Valeant Pharmaceuticals has its U.S. headquarters in Bridgewater, N.J., and its international headquarters in Laval, Quebec.
| Issuer: | Valeant Pharmaceuticals International, Inc.
|
| Amount: | $1 billion
|
| Maturity: | March 1, 2023
|
| Securities: | Senior notes
|
| Left bookrunner: | Barclays
|
| Joint bookrunners: | RBC Capital Markets LLC, Deutsche Bank Securities Inc., DNB Markets Inc., HSBC Securities (USA) Inc., MUFG, Morgan Stanley & Co. LLC
|
| Co-managers: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 386 bps
|
| First call: | March 1, 2018 at 102.75
|
| Trade date: | Jan. 15
|
| Settlement date: | Jan. 30
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5½% to 5 5/8%
|
| Marketing: | Quick to market
|
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