Upon Redemption, Valeant's Debt Reduction Will Total More
than $4.8 Billion Since the
End of First-Quarter 2016
LAVAL, Quebec, July 13, 2017 /CNW/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX)
("Valeant" or the "Company") today announced that it will redeem
the remaining approximately $500
million aggregate principal amount of its outstanding 6.75%
Senior Notes due 2018, CUSIP Nos. 92912EAC7, C96715AC8 (the
"Notes"), using cash on hand, on Aug. 15,
2017 and will issue today an irrevocable notice of
redemption for the Notes.
Upon redemption of the Notes, Valeant will have reduced its debt
by more than $4.8 billion since the end of the first
quarter of 2016. Additionally, the Company will have no significant
debt maturities and no mandatory amortization requirements through
2019.
The Company continues to reiterate its expectation to pay down
$5 billion in debt from divestiture
proceeds and free cash flow within 18 months of August 2016.
"By redeeming these Notes, we will be close to achieving our
expectation of paying down $5 billion
of debt from divestitures and free cash flow within 18 months of
August 2016," said Joseph C. Papa, chairman and CEO, Valeant. "We
are confident we will not only meet, but also exceed our debt
reduction commitment early."
The Notes were originally issued in 2013. In March 2017, pursuant to a tender offer for cash,
Valeant repurchased approximately $1.1
billion principal amount of the original $1.6 billion principal amount of Notes.
On July 13, 2017, 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 press release may contain forward-looking statements,
including, but not limited to, the redemption of our 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 press release or to reflect actual outcomes, except as
required by law.
Investor
Contacts:
|
|
Arthur
Shannon
|
Elif
McDonald
|
arthur.shannon@valeant.com
|
elif.mcdonald@valeant.com
|
514-856-3855
|
514-856-3855
|
877-281-6642 (toll
free)
|
877-281-6642 (toll
free)
|
|
|
Media
Contact:
|
|
Lainie
Keller
|
|
lainie.keller@valeant.com
|
|
908-927-0617
|
|
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SOURCE Valeant Pharmaceuticals International, Inc.