Valeant lifts term loan to $1.5 billion, cancels potential bond deal

By Sara Rosenberg

New York, Nov. 13 – Valeant Pharmaceuticals International (Bausch Health Cos. Inc.) upsized its incremental senior secured term loan B (Ba2/BB-/BB-) due June 1, 2025 to $1.5 billion from $750 million and eliminated plans for a potential secured bond transaction, according to a market source.

Price talk on the incremental term loan B is Libor plus 300 basis points with a 0% Libor floor and an original issue discount of 99 to 99.5.

Barclays, J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., DNB, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and RBC Capital Markets are the bookrunners on the deal. Barclays is the administrative agent.

Commitments are due at noon ET on Wednesday, accelerated from noon ET on Thursday, the source said.

Proceeds will be used with cash on hand to fund a tender offer for 7½% notes due 2021.

Valeant is a Laval, Quebec-based specialty pharmaceutical company.

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