Valeant Commences Cash Tender Offer For $1 Bln Notes; To Also Issue Bonds

(RTTNews) - Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) and its wholly-owned subsidiary Valeant Pharmaceuticals International or VPI, said that they have commenced cash tender offers to purchase up to $1 billion aggregate principal amount of their respective outstanding notes.

Valeant is the offeror for the notes issued by it, while VPI is the offeror for the notes issued by it. No more than $100 million aggregate principal amount of 5.375% Senior Notes due 2020 will be purchased in the tender offers.

The tender offers will expire at midnight, New York City time, on October 30, 2017.

In a separate statement, Valeant Pharmaceuticals also said it has launched an offering of $1 billion aggregate principal amount of senior secured notes due 2025.

The company intends to use the net proceeds from this offering, along with cash on hand, to repurchase $1 billion aggregate principal amount of its outstanding 5.375% Senior Notes due 2020, and VPI's outstanding 7.000% Senior Notes due 2020 as well as 6.375% Senior Notes due 2020 and to pay related fees and expenses.