LAVAL, Quebec, April 12, 2018 /CNW/ -- Valeant
Pharmaceuticals International, Inc. (NYSE/TSX: VRX) ("Valeant")
today announced that Valeant Pharmaceuticals International, a
wholly owned indirect subsidiary of Valeant, will redeem
$150 million aggregate principal
amount of its outstanding 6.375% Senior Unsecured Notes due 2020
(the "Notes"), using cash on hand, on May
14, 2018 and issued today an irrevocable notice of
redemption for the Notes. The Notes were originally issued in 2012.
Once the Notes have been redeemed, Valeant's total long-term debt
will be approximately $25.4
billion.
"Due to strong operational cash flow, we are able to further
reduce our debt," said Joseph C.
Papa, chairman and CEO, Valeant. "As part of our ongoing
transformation, we will continue to pay down our debt and invest in
our core businesses for growth."
On April 12, 2018, a copy of the
irrevocable notice of redemption with respect to the Notes was
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 global company whose mission is to
improve people's lives with our health care products. We develop,
manufacture and market a range of pharmaceutical, medical device
and over-the-counter products, primarily in the therapeutic areas
of eye health, gastroenterology and dermatology. We are delivering
on our commitments as we build an innovative company dedicated to
advancing global health.
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.