Valeant Pharmaceuticals calls $71 million 7% senior notes due 2020

By Susanna Moon

Chicago, Feb. 28 – Valeant Pharmaceuticals International, Inc. said wholly owned subsidiary Valeant Pharmaceuticals International planned to call its $71 million principal amount of outstanding 7% senior notes due 2020 on Wednesday.

The notes will be redeemed on March 30 using cash on hand, according to the company notice.

“Addressing our debt remains a priority for us as we continue to transform Valeant,” Joseph C. Papa, chairman and chief executive officer of Valeant, said in the company’s press release. “Due to strong operating cash flow, we are able to redeem these notes of more than $70 million due in 2020.”

The paying agent is Bank of New York Mellon (800 254-2826).

The notes were originally issued in 2010.

As previously announced, the company ran a tender offer for the notes until 11:59 p.m. ET on Jan. 2 with a total purchase price of $1,011.67 for each $1,000 principal amount.

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

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