By Paul A. Harris
Portland, Ore., March 12 – Valeant Pharmaceuticals International, Inc. priced an upsized $1.5 billion issue of eight-year senior notes (Caa1/B-/B-) at par to yield 9¼% in a quick-to-market Monday trade, according to a market source.
The yield printed in the middle of price talk in the 9¼% area. Initial guidance was in the 9¼% to 9½% area.
Deutsche Bank Securities Inc. managed the sale.
The Laval, Quebec-based specialty pharmaceutical company plans to use the proceeds to fund a $1.25 billion tender offer for its 6 3/8% senior notes due 2020, its 5 3/8% senior notes due 2020 and up to $100 million of its 6¾% senior notes due 2021.
| Issuer: | Valeant Pharmaceuticals International, Inc.
|
| Amount: | $1.5 billion
|
| Securities: | Senior notes
|
| Tenor: | Eight years
|
| Manager: | Deutsche Bank Securities Inc.
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Call protection: | Four years
|
| Trade date: | March 12
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Fitch: B-
|
| Price talk: | 9¼% area
|
| Marketing: | Quick to market
|
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