Valeant buys back $63.8 million 5.375% convertibles in first quarter

By Toni Weeks

San Diego, May 9 - Valeant Pharmaceuticals International, Inc. has repurchased an additional $63.8 million of its 5.375% senior convertible notes due 2014 since Dec. 31, according to the company's first-quarter 2011 financial results.

The purchase price for the notes was $181.3 million, bringing the total repurchases to $190 million of the original $350 million of 5.375% notes.

As previously reported, Valeant's 4% convertible subordinated notes due 2013 issued by its wholly owned subsidiary, Valeant Pharmaceuticals International, were called for redemption. The company expects the redemption to settle fully via conversion of the notes. The deadline for conversion is the close of business on May 19.

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

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