Valeant to buy back up to $2 billion of notes under repurchase program

By Tali Rackner

Norfolk, Va., Nov. 20 – Valeant Pharmaceuticals International, Inc. said it may repurchase up to $2 billion of its senior notes, common shares and/or other securities under a new securities repurchase program, according to a press release.

The program begins on Friday and will replace the company's former securities repurchase program, which expires on Friday.

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.

Under the current program, the company did not purchase any securities.

The new program will terminate on Nov. 20, 2015 or when Valeant completes all of its buybacks.

Repurchases under the program will be funded using cash resources.

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

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