Medicis to repurchase convertibles with funds from Valeant debt issue

By Marisa Wong

Madison, Wis., Sept. 4 - Medicis Pharmaceutical Corp. plans to repurchase or pay the conversion consideration for its $168.9 million of 2.5% contingent convertible senior notes due 2032, $200,000 of 1.5% contingent convertible senior notes due 2033 and $422.2 million of 1.375% convertible senior notes due 2017 using proceeds from a debt issuance by Valeant Pharmaceuticals International Inc.

According to an 8-K filing with the Securities and Exchange Commission, Valeant Pharmaceuticals intends to issue up to $2.75 billion of high-yield securities to fund its acquisition of Medicis. The transaction, expected to close in the first half of 2013, is valued at about $2.6 billion.

Medicis is a Scottsdale, Ariz.-based specialty pharmaceutical company focused primarily on the treatment of dermatological and aesthetic conditions. Valeant is a Mississauga, Ont.-based specialty pharmaceutical company.

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