LAVAL, Quebec, Dec. 4, 2017 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX)
("Valeant" or the "Company") announced today that it has priced its
previously announced offering of 9.000% senior notes due 2025 (the
"Notes"). The aggregate size of the offering reflects an increase
of $500,000,000 from the previously
announced offering size of $1,000,000,000 to $1,500,000,000. The offering price for the Notes
was 98.611%. The offering is expected to close on or about
December 18, 2017. Valeant intends to
use the net proceeds from this offering, along with cash on hand,
to repurchase $1,500,000,000
aggregate principal amount of outstanding notes pursuant to a
tender offer announced earlier today, including Valeant
Pharmaceuticals International's, a wholly-owned subsidiary of the
Company, outstanding 7.000% Senior Notes due 2020 and 6.375% Senior
Notes due 2020 and up to $200,000,000
of the Company's outstanding 5.375% Senior Notes due 2020, 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. Consummation of
the offering of the Notes is subject to various closing 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, the
aggregate amount of notes tendered (which could lead to repurchases
of other notes) and 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.