LAVAL, QUEBEC, Nov. 13, 2017 /CNW/ -- Valeant Pharmaceuticals
International, Inc. (NYSE: VRX) (TSX: VRX) ("Valeant" or the
"Company") announced today that it has launched an offering of
$750,000,000 aggregate principal
amount of 5.500% senior secured notes due 2025 (the "Notes"). The
Notes will be additional notes and form part of the same series as
Valeant's existing 5.500% Senior Secured Notes due 2025. Valeant
intends to use the net proceeds from the offering of the Notes,
along with cash on hand, to repay (on a pro rata basis) a portion
of its outstanding Series F Tranche B Term Loan Facilities due
2022, and to pay related fees and expenses.
The Notes will be guaranteed by each of the Company's
subsidiaries that are guarantors under the Company's credit
agreement and the Company's existing senior notes, and will be
secured on a first priority basis by liens on the assets that
secure the Company's credit agreement and existing senior secured
notes. Consummation of the offering of the Notes is subject to
market and other conditions, and there can be no assurance that the
Company 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, our 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, 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.