LAVAL, Quebec, Feb. 28, 2018 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX)
("Valeant") today announced that Valeant Pharmaceuticals
International, a wholly owned indirect subsidiary of Valeant, will
redeem the remaining $71 million
aggregate principal amount of its outstanding 7.00% Senior
Unsecured Notes due 2020 (the "Notes"), using cash on hand, on
March 30, 2018 and will issue today
an irrevocable notice of redemption for the Notes. The Notes were
originally issued in 2010.
"Addressing our debt remains a priority for us as we continue to
transform Valeant," said Joseph C.
Papa, chairman and CEO, Valeant. "Due to strong operating
cash flow, we are able to redeem these notes of more than
$70 million due in 2020."
On Feb. 28, 2018, a copy of the
irrevocable notice of redemption with respect to the remaining
Notes will be issued to record holders of the Notes. Payment of the
redemption price and surrender of the Notes for redemption will be
made through the facilities of the Depository Trust Company in
accordance with the applicable procedures of the Depository Trust
Company. The name and address of the paying agent are as follows:
The Bank of New York Mellon Trust Company, N.A. c/o The Bank of New
York Mellon; 111 Sanders Creek Parkway, East Syracuse, N.Y. 13057; Attn: Redemption
Unit; Tel: 800-254-2826.
About Valeant
Valeant Pharmaceuticals International,
Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical
company that develops, manufactures and markets a broad range of
pharmaceutical products primarily in the areas of dermatology,
gastrointestinal disorders, eye health, neurology and branded
generics. More information about Valeant can be found at
www.valeant.com.
Caution Regarding Forward-Looking Information and "Safe
Harbor" Statement
This news release may contain forward-looking statements,
including, but not limited to, the redemption of the Notes.
Forward-looking statements may generally be identified by the use
of the words "anticipates," "expects," "intends," "plans,"
"should," "could," "would," "may," "will," "believes," "estimates,"
"potential," "target," or "continue" and variations or similar
expressions. These statements are based upon the current
expectations and beliefs of management and are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
These risks and uncertainties include, but are not limited to,
risks and uncertainties discussed in our most recent annual and
quarterly reports and detailed from time to time in our other
filings with the Securities and Exchange Commission and the
Canadian Securities Administrators, which risks and uncertainties
are incorporated herein by reference. Readers are cautioned not to
place undue reliance on any of these forward-looking statements.
These forward-looking statements speak only as of the date hereof.
We undertake no obligation to update any of these forward-looking
statements to reflect events or circumstances after the date of
this news release or to reflect actual outcomes, except as required
by law.
Investor
Contact:
|
Media
Contact:
|
Arthur
Shannon
|
Lainie
Keller
|
arthur.shannon@valeant.com
|
lainie.keller@valeant.com
|
(514)
856-3855
|
(908)
927-0617
|
(877) 281-6642 (toll
free)
|
|
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SOURCE Valeant Pharmaceuticals International, Inc.