Valeant Pharmaceuticals to launch $2.3 billion in term loans on Friday

By Sara Rosenberg

New York, Feb. 7 - Valeant Pharmaceuticals International Inc. is set to hold a lender call at 10 a.m. ET on Friday to launch $2.3 billion in term loan B's, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

The debt consists of a $1.3 billion term B-series D loan due February 2019 and a $1 billion term B-series C loan due December 2019, the source said.

Price talk is Libor plus 275 basis points with a 0.75% Libor floor and a par offer price, the source continued.

The new debt has 101 soft call protection for six months.

Proceeds will be used to refinance existing term loan B borrowings.

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

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