Valeant issues call to redeem all 4% convertible notes due 2013

By Toni Weeks

San Diego, April 20 - Valeant Pharmaceuticals International, Inc. issued a call to redeem all outstanding 4% convertible subordinated notes due 2013 issued by its wholly owned subsidiary, Valeant Pharmaceuticals International, according to a news release.

The convertibles will be redeemed May 20. A notice of redemption was distributed to holders on April 20.

The notes called for redemption may be converted at any time before the close of business on May 19. The current conversion price is $12.65.

Shares of Valeant (NYSE: VRX) closed Monday at $53.24.

Valeant makes pharmaceutical products primarily in the areas of neurology and dermatology and is based in Mississauga, Ont.

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