LAVAL, Quebec, March 12, 2018 /CNW/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX)
("Valeant" or the "Company") announced today that Valeant
Pharmaceuticals International (the "Issuer"), the Company's wholly
owned indirect subsidiary, has priced its previously announced
offering of 9.250% senior notes due 2026 (the "Notes"). The
aggregate size of the offering reflects an increase of $250,000,000 from the previously announced
offering size of $1,250,000,000 to
$1,500,000,000. The Notes were
offered at par. The offering is expected to close on or about
March 26, 2018. The net proceeds from
this offering, along with cash on hand, will be used to repurchase
$1,500,000,000 aggregate principal
amount of outstanding notes pursuant to a tender offer announced
earlier today, including the Issuer's outstanding 6.375% Senior
Notes due 2020, the Company's outstanding 5.375% Senior Notes due
2020 and up to $100,000,000 principal
amount of the Issuer's 6.750% Senior Notes due 2021, and to pay
related fees and expenses.
The Notes will be guaranteed by the Company and each of its
subsidiaries that are guarantors under the Company's credit
agreement. Consummation of the offering of the Notes is subject to
various closing conditions, and there can be no assurance that the
Issuer will be able to successfully complete this transaction on
the terms described above, or at all.
The Notes will not be registered under the Securities Act of
1933, as amended (the "Securities Act"), or any state securities
law and may not be offered or sold in the
United States absent registration or an applicable exemption
from registration under the Securities Act and applicable state
securities laws. The Notes will be offered in the United States only to qualified
institutional buyers pursuant to Rule 144A under the Securities Act
and outside the United States to
non-U.S. persons pursuant to Regulation S under the Securities Act.
The Notes have not been and will not be qualified for sale to the
public by prospectus under applicable Canadian securities laws and,
accordingly, any offer and sale of the securities in Canada will be made on a basis which is exempt
from the prospectus requirements of such securities laws.
This news release is being issued pursuant to Rule 135c under
the Securities Act and shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
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.
Forward-looking Statements
This news release may contain forward-looking statements,
including, but not limited to, the Company's financing plans,
including the offering of Notes and the details thereof, including
the proposed use of proceeds therefrom, and other expected effects
of the offering of 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, the aggregate amount of notes tendered (which could
lead to repurchases of other notes) and risks and uncertainties
discussed in our most recent annual report 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.