Valeant Pharmaceuticals volatile on accusatory research report; Affordable Care revised

By Sara Rosenberg

New York, Oct. 21 – Valeant Pharmaceuticals International Inc.’s term debt seesawed around during Wednesday’s trading session after a short-selling research firm put out a report alleging massive fraud at the company, which Valeant later denied.

By late afternoon, Valeant Pharmaceuticals’ term loan F was quoted at 93½ bid, 94½ offered, after hitting as low as 89 bid earlier in the session, one source said. On Tuesday, he saw the F loan quoted at 97¾ bid, 98½ offered.

Closer to the end of the day, a different source was quoting the term loan F at 94½ bid, 95½ offered. He put Tuesday’s levels at 97¾ bid, 98 offered.

Over in the primary market, Affordable Care Inc. minimally upsized its first-lien term loan, raised pricing and widened the original issue discount, and Alpha Media released price talk on its first-lien term loan in connection with its bank meeting.

In other news, Concordia Healthcare Corp. completed its acquisition of Amdipharm Mercury Ltd. from Cinven, which was funded with a roughly $2,065,000,000 secured credit facility (B+), $180 million of bridge loans, $790 million of notes, $520 million of proceeds raised from a recent public equity offering and cash on hand, according to a news release.

The credit facility consists of a $200 million revolver, a $1.1 billion six-year term loan and a £500 million six-year term loan.

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