Valeant calls $236.6 million 6½% convertibles

Pittsburgh, June 21 - Valeant Pharmaceuticals has called all $236.6 million of its outstanding 6½% convertible subordinated notes due 2008 at a price of 103.741% of the principal amount plus interest from July 15 to July 20, for a total redemption price of $1,038.22 per $1,000 principal amount, according to a company release.

The redemption date is July 21.

The notes can be converted through July 20. Valeant stock was at $19.18 late Monday morning.

Valeant will fund the redemption with proceeds received in the private sale of its 3% convertible subordinated notes due 2010, its 4% convertible subordinated notes due 2013 and its senior notes due 2011.

Valeant is a Costa Mesa, Calif., research-based specialty pharmaceutical company.

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