Valeant, unit begin month-long tender for $1 billion of three issues

By Susanna Moon

Chicago, Dec. 4 – Valeant Pharmaceuticals International, Inc. and wholly owned subsidiary Valeant Pharmaceuticals International (VPI) began cash tender offers for up to $1 billion principal amount of three series of notes.

The total purchase price for each $1,000 principal amount will be as follows, with the notes listed in order of priority acceptance levels:

• VPI’s $258,669,000 7% senior notes due 2020 with total purchase price of $1,011.67;

• VPI’s $1,681,331,000 6 3/8% senior notes due 2020 with total purchase price of $1,015.94; and

• Valeant’s $2 billion 5 3/8% senior notes due 2020 with total purchase price of $1,000 and tender sub-cap of $200 million.

The total purchase price includes an early tender premium of $30.00 per $1,000 principal amount of notes tendered by the early deadline of 5 p.m. ET on Dec. 15.

Holders also will receive accrued interest to but excluding the settlement date.

The tender offers will end at 11:59 p.m. ET on Jan. 2.

Tendered notes may be withdrawn before the early deadline.

Barclays (800 438-3242 or 212 902-7581) is the dealer manager. Global Bondholder Services Corp. (866 470-4200 or 212 430-3774) is the depositary and the information agent.

Valeant is a Laval, Quebec-based specialty pharmaceutical company.

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