Valeant to price $750 million tap of 5½% secured notes due 2025; pricing expected Tuesday

By Paul A. Harris

Portland, Ore., Nov. 13 – Valeant Pharmaceuticals International, Inc. plans to price a $750 million add-on to its 5½% senior secured notes due Nov. 1, 2025 (existing ratings Ba3/BB-) on Tuesday, according to a market source.

The deal was scheduled to launch on a Monday morning conference call with investors.

Barclays is the left bookrunner. Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., DNB Markets, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC are the joint bookrunners.

The Rule 144A for life notes feature a make-whole call at Treasuries plus 50 basis points until Nov. 1, 2020, then become callable at 102.75. They also feature a 40% equity clawback at 105.5 until Nov. 1, 2020.

Laval, Quebec-based specialty pharmaceutical company plans to use the proceeds to repay its series F tranche B term loans due 2022.

The original $1 billion issue priced at par on Oct. 2, 2017.

The add-on notes will immediately become fungible with the original notes.

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