Valeant to redeem up to $1.5 billion of notes under repurchase program

By Tali Rackner

Minneapolis, Jan. 22 - Valeant Pharmaceuticals International, Inc. said it may redeem up to $1.5 billion of its convertible notes, senior notes, common shares and/or other debt or shares under a new securities repurchase program, according to a notice.

The program, which was announced on Wednesday, commenced on Nov. 22. It will replace the company's former securities repurchase program, which expired on Nov. 14.

Valeant's board of directors also approved a sub-limit for the repurchase of Valeant common shares of the greater of 10% of the company's public float or 5% of the company's issued and outstanding common shares, in each case calculated as of the date of the commencement of the program.

As of Nov. 22, the company had 332,974,782 common shares outstanding.

The securities repurchase program will terminate on Nov. 21, 2014.

Valeant is a Laval, Quebec-based specialty pharmaceutical company.

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