Valeant receives early tenders for $1.45 billion notes, to buy all

New York, March 26 – Valeant Pharmaceuticals International, Inc. and wholly owned indirect subsidiary Valeant Pharmaceuticals International, or VPI, said they received early tenders for $1.45 billion from three series of notes by the early deadline in their offer to purchase, according to a news release.

All the early tendered notes will be accepted for purchase. Early settlement was planned for Monday.

The companies are offering to buy up to $1.5 billion from three series of notes, a cap increased from $1.25 billion on March 12.

The early tender response was as follows, with the notes listed in order of priority acceptance level:

• $364,697,000 of the $660.53 million outstanding of VPI’s 6 3/8% senior notes due 2020. The purchase price is $1,015.94 per $1,000 principal amount;

• $1,016,818,000 of the $1,708,415,000 outstanding of Valeant’s 5 3/8% senior notes due 2020. The purchase price is $1,013.44 per $1,000 principal amount; and

• $72,539,000 of the $650 million outstanding of VPI’s 6¾% senior notes due 2021. The purchase price is $995.00 per $1,000 principal amount. This series had a $100 million tender cap.

The total prices include 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. Final settlement is planned for two business days later.

The offer contains a financing condition but not a minimum tender condition. Valeant said it expected the financing condition would be met by the early settlement date.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.