Valeant to price $1 billion eight-year notes in Monday drive-by

By Paul A. Harris

Portland, Ore., Dec. 4 – Valeant Pharmaceuticals International, Inc. plans to price a $1 billion offering of senior notes due Dec. 15, 2025 (existing unsecured ratings Caa1/B-) in a Monday drive-by following a late-morning conference call with investors, according to a market source.

Barclays is the bookrunner.

The Rule 144A for life eight-year notes become callable after four years at par plus 50% of the coupon and feature a 101% poison put.

The Laval, Quebec-based specialty pharmaceutical company plans to use the proceeds to fund tender offers for its 7% senior notes due 2020, its 6 3/8% senior notes due 2020 and its 5 3/8% senior notes due 2020.

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