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Valeant begins tender offer for up to $600 million 6¾% notes due 2018
By Marisa Wong
Morgantown, W.Va., March 7 – Valeant Pharmaceuticals International, Inc. has begun an offer to purchase for cash up to $600 million of its $1.6 billion outstanding 6¾% senior notes due 2018.
The tender offer will expire at 11:59 p.m. ET on April 3, according to a press release.
Holders who tender their notes by 5 p.m. ET on March 20, the early participation date, will receive the total consideration of $1,029.06 for each $1,000 principal amount of notes accepted for purchase. The total consideration includes an early participation payment of $30.00 per $1,000 principal amount.
Holders tendering after the early participation date will be eligible to receive the tender offer consideration of $999.06 per $1,000 principal amount, or the total consideration less the early participation payment.
Holders will also receive accrued interest to but excluding the applicable settlement date.
The company expects to settle early tenders on March 21 and any remaining tenders on April 4.
Tendered notes may be withdrawn at or prior to 5 p.m. ET on March 20.
If the aggregate amount of notes tendered exceeds $600 million, the company will accept notes on a prorated basis. However, if the amount of notes tendered by the early deadline is less than the tender cap, only notes tendered after the early deadline will be subject to proration.
The tender offer is conditioned on the company raising sufficient proceeds from a private offering of debt securities to fund the tender offer and the completion of a planned amendment to the company’s existing credit agreement.
Barclays (800 438-3242 or 212 528-7581) and Goldman, Sachs & Co. (800 828-3182 or 212 902-6595) are the dealer managers. D.F. King & Co, Inc. (866 521-4424 or 212 269-5550, vrx@dfking.com) is the information agent for the tender offer.
Valeant is a Laval, Quebec-based specialty pharmaceutical company.
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