Watson plans to redeem convertibles, pay down portion of term loan

By Angela McDaniels

Tacoma, Wash., Aug. 18 - Watson Pharmaceuticals, Inc. said it plans to redeem in full its $575 million outstanding principal amount of convertible contingent senior debentures due 2023 and to repay $100 million of term loan borrowings under its credit agreement.

The redemption and repayment will be funded with some of the proceeds from Watson's offering of up to $850 million principal amount of five- and 10-year senior unsecured notes, according to a company news release.

Watson is focused on pharmaceuticals in the areas of urology, women's health and nephrology/medical. The company is based in Corona, Calif.

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