Valeant buys back C$2.4 million 5.375% convertibles for C$7.9 million

By Susanna Moon

Chicago, Nov. 19 - Valeant Pharmaceuticals International, Inc. said it repurchased C$2.4 million principal amount of its 5.375% convertible notes for C$7.9 million under a new securities repurchase program.

The company also bought back a total of C$34.5 million principal amount of its 6½% senior notes due 2016 for C$34.3 million, a total of C$45.4 million principal amount of its 6 7/8% senior notes due 2018 for C$45.0 million and a total of C$10.0 million principal amount of its 7% senior notes due 2020 for C$9.5 million.

The company's repurchase program began Nov. 15, and the company may make purchases of up to C$1.5 billion of its senior notes, common shares or other debt. The current program replaces the company's previous program that expired on Nov. 7.

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

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