Valeant Pharmaceuticals finalizes term loan E size at $2.95 billion

By Sara Rosenberg

New York, Dec. 18 - Valeant Pharmaceuticals International Inc. set the size of its term loan B-series E due August 2020 at $2.95 billion, versus revised talk of at least $2.8 billion and initial talk of roughly $3.18 billion, according to a market source.

Pricing on the loan is Libor plus 300 basis points with a step-down to Libor plus 275 bps at 1.75 times secured leverage.

The loan has a 0.75% Libor floor, a par offer price, a ticking fee of the full spread from Jan. 1, 2014 through Feb. 5, 2014, and 101 soft call protection for six months.

Earlier in syndication, pricing firmed at the wide end of the Libor plus 275 bps to 300 bps talk, the step-down was added and the ticking fee was increased from half the spread from Jan. 6, 2014 through Feb. 5, 2014.

Proceeds will be used to help refinance/reprice an existing roughly $3.18 billion term loan B-series E that is priced at Libor plus 375 bps with a 0.75% Libor floor.

The repricing will have a delayed settlement until after the existing 101 soft call protection rolls off on Feb. 5, 2014.

J.P. Morgan Securities LLC is the lead bank on the deal.

Valeant is a Bridgewater, N.J.-based specialty pharmaceutical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.