Valeant Pharmaceuticals redeems $765 million in 7 5/8%, 8 3/8% notes

By Devika Patel

Knoxville, Tenn., Oct. 28 - Valeant Pharmaceuticals International gave further details about a redemption of all the company's $400 million in 7 5/8% senior notes due 2020 and all of its $365 million in 8 3/8% senior notes due 2016. The redemption was announced on Sept. 27 and settled on Oct. 27.

The company deposited $955.46 million with the Bank of New York Mellon Trust Co., NA (800 254-2826), the note trustee, to defease the notes on Sept. 27.

It paid 129.65 for the 7 5/8% notes and 116.38 for the 8 3/8% notes. Investors of both series of notes also received interest up to Oct. 27.

Valeant makes pharmaceutical products primarily in the areas of neurology and dermatology and is based in Aliso Viejo, Calif.

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