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Valeant Pharmaceuticals tenders for $1 billion of three note series
By Susanna Moon
Chicago, Oct. 2 – Valeant Pharmaceuticals International, Inc. began cash tender offers to purchase up to $1 billion principal amount of three series of notes.
The capped tenders are being held with wholly owned subsidiary Valeant Pharmaceuticals International, according to a company news release.
The total purchase price for each $1,000 principal amount will be as follows, with the notes listed in order of priority acceptance levels:
• The subsidiary’s $690 million of 7% senior notes due 2020 with a total purchase price of $1,011.67;
• The subsidiary’s $2.25 billion of 6 3/8% senior notes due 2020 with a total purchase price of $1,010; and
• Valeant’s $2 billion of 5 3/8% senior notes due 2020 with a tender sub-cap of $100 million and total purchase price of $1,000.
The total purchase price includes an early tender premium of $30.00 for each $1,000 principal amount of notes tendered by the early deadline of 5 p.m. ET on Oct. 16.
Holders also will receive accrued interest to but excluding the settlement date.
The tender offers will end at 11:59 p.m. ET on Oct. 30.
Tendered notes may be withdrawn before the early deadline.
The offers are not conditioned upon a minimum amount of notes being tendered but are contingent upon Valeant obtaining proceeds from a concurrent private offering of senior notes to finance the notes purchase.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager. Global Bondholder Services Corp. (866 470-4200 or 212 430-3774) is the depositary and information agent.
Valeant is a Laval, Quebec-based specialty pharmaceutical company.
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