Valeant Pharmaceuticals plans to redeem 4% convertibles due 2013

By Angela McDaniels

Tacoma, Wash., March 1 - Valeant Pharmaceuticals International plans to redeem its 4% convertible subordinated notes due 2013 during the second quarter, according to a news release from parent company Valeant Pharmaceuticals International, Inc.

The company will fund the redemption with proceeds from a $1.5 billion offering of notes.

Proceeds will also be used to prepay the amounts outstanding under Valeant's term loan A facility, to fund the $275 million repurchase of the parent company's common shares from ValueAct Capital Master Fund, LP and for general corporate purposes.

Valeant is a specialty pharmaceutical company based in Mississauga, Ont.

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