Allergan to redeem zero-coupon convertibles due 2022

By Jennifer Chiou

New York, April 5 - Allergan, Inc. announced it intends to redeem its zero-coupon senior convertible notes due 2022 using the partial proceeds of two private placements and cash on hand.

The company said it will offer $700 million of convertible senior notes due 2026 with a $50 million greenshoe and $800 million of senior notes due 2016.

Allergan said remaining proceeds will go towards the repurchase of $257 million of its shares and the repayment of $825 million outstanding under its bridge credit facility.

Based in Irvine, Calif., Allergan is a specialty pharmaceutical company focused on ophthalmology, neurosciences, medical dermatology, medical aesthetics and other markets.

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