Valeant Pharmaceuticals International will sell senior unsecured notes worth $1.5 billion. The offering consists of $950 million of 6.5% senior notes due in 2016 and $550 million of 7.25% senior notes maturing in 2022. The proceeds will be used to prepay the amounts outstanding under Valeant’s term loan A facility, to fund a $275 million repurchase of shares from the ValueAct Capital Master Fund. They will also be used to finance the redemption of Valeant’s 4% convertible subordinated notes due 2013.
Click here for the release from PR Newswire.