LAVAL, Quebec, Nov. 14, 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 $750,000,000 aggregate principal amount of its
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. The Notes will be
sold to investors at a price of 100.000% of the principal amount
thereof plus accrued interest from October
17, 2017, representing a yield to worst of 5.498%. The
offering is expected to close on or about November 21, 2017. 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
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,
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.