Valeant Pharmaceuticals receives default notice on 3% convertible notes due 2010

By Caroline Salls

Pittsburgh, Dec. 14 - Valeant Pharmaceuticals International received a notice of default on its 3% convertible notes due 2010 for failure to file its 10-Q report for the quarter ended Sept. 30 with the Securities and Exchange Commission, according to an 8-K filing with the SEC.

Valeant has 60 days to cure the default.

If Valeant fails to cure the default, the trustee or the holders of at least 25% in principal amount of either the 3% notes or the 4% notes due 2013 that are covered under the same notes indenture can accelerate payment of that series.

The company said the unpaid principal amount on both the 3% notes and the 4% notes is $240 million.

Valeant is a global specialty pharmaceutical company located in Costa Mesa, Calif.

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