Valeant Pharmaceuticals defaults on notes after delay filing 10-K

By Sheri Kasprzak

New York, April 25 – Valeant Pharmaceuticals International, Inc. announced late last week that it received default notices on senior notes due between 2020 and 2022.

The company said in a statement that a delay in filing its 2015 10-K with the Securities and Exchange Commission triggered the defaults.

The notes impacted include 5 3/8% senior notes due 2020, 6 3/8% senior notes due 2020, 7½% senior notes due 2021 and 7¼% senior notes due 2022. The 6 3/8% notes and 7¼% notes were issued by subsidiary Valeant Pharmaceuticals International.

The company said it is on schedule to file the 10-K by April 29.

Valeant announced on April 12 that it received a notice of default from holders of 5½% senior notes due 2023 and has until June 11 to file its 10-K, which will cure the default under the applicable indenture, the company said.

Valeant, based in Laval, Quebec, develops, manufactures and markets pharmaceuticals.

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