Valeant Pharmaceuticals selling $850 million eight-year senior notes in Friday drive-by

By Paul A. Harris

Portland, Ore., Nov. 15 - Valeant Pharmaceuticals Inc. plans to price an $850 million offering of eight-year senior notes (expected ratings B1/B) on Friday, according to a market source.

Goldman Sachs & Co., BofA Merrill Lynch and J.P. Morgan Securities LLC are the joint bookrunners for the Rule 144A for life offering.

The notes come with three years of call protection.

The Laval, Quebec-based specialty pharmaceutical company plans to use the proceeds to redeem its 6½% notes due 2016.

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