Valeant Pharmaceuticals refinancing to include $750 million secured, $750 million unsecured notes

By Paul A. Harris

Portland, Ore., May 10 – Valeant Pharmaceuticals International, Inc. announced in a Thursday press release that it intends to issue $750 million of senior secured notes and $750 million of unsecured notes at part of a $6.52 billion debt refinancing.

Goldman Sachs & Co. and J.P. Morgan Securities LLC are each expected to lead a tranche of the notes, according to a market source.

The refinancing also includes $5,015,000,000 of credit facilities scheduled to launch at a bank meeting on Monday.

Barclays, Goldman Sachs Bank USA and J.P. Morgan Securities are the bookrunners on the bank deal. Barclays is the administrative agent.

Proceeds will be used with a potential combination of new senior secured notes and senior unsecured notes to refinance an existing term loan B series F, 5 3/8% senior notes due 2020, 6 3/8% senior notes due 2020, 6¾% senior notes due 2021 and 7¼% senior notes due 2022.

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

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