Valeant Pharmaceuticals wraps tender offers for three series of notes

By Wendy Van Sickle

Columbus, Ohio, April 10 – Valeant Pharmaceuticals International, Inc. and wholly owned indirect subsidiary Valeant Pharmaceuticals International, or VPI, said they received additional tenders totaling $4,000 from one series of notes following the early deadline in their offers to purchase three series of notes, according to a news release.

The additional tenders were of VPI’s 6 3/8% senior notes due 2020, bringing the total amount of tenders for that series to $364,701,000. No additional tenders were received from the other series after the early deadline, at which time tenders for $1.45 billion from the three series had been received.

The offers expired at 11:59 p.m. ET on April 9 and final settlement is expected to occur on April 11.

The offers were announced on March 12.

The companies offered to buy up to $1.5 billion from three series of notes, a cap increased from $1.25 billion later in the day on March 12.

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

• $364,701,000 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 received or will receive accrued interest to but excluding the relevant 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.

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