Valeant, unit tender for $1.25 billion of 6 3/8%, 5 3/8%, 6¾% notes

By Susanna Moon

Chicago, March 12 – Valeant Pharmaceuticals International, Inc. and wholly owned indirect subsidiary Valeant Pharmaceuticals International, or VPI, are tendering for up to $1.25 billion principal amount 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:

• $1,015.94 for VPI’s $660.53 million 6 3/8% senior notes due 2020;

• $1,013.44 for Valeant’s $1,708,415,000 5 3/8% senior notes due 2020; and

• $995.00 for VPI’s $650 million 6¾% senior notes due 2021 with $100 million tender sub-cap.

The total amount includes an early tender premium of $30.00 per $1,000 principal amount of notes validly tendered by the early deadline of 5 p.m. ET on March 23.

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

The tender offers will remain open until 11:59 p.m. ET on April 9.

Tendered notes may be withdrawn before the early deadline.

The companies reserve the right to increase or decrease the maximum purchase amount without extending the early deadline or the withdrawal deadline, according to an announcement.

The offer contains a financing condition but not a minimum tender condition.

Deutsche Bank Securities (855 287-1922 or 212 250-7527) 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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