Valeant Launches Offering Of $1 Bln Aggregate Amount Of Senior Notes Due 2025

(RTTNews) - Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) announced that it has launched an offering of $1 billion aggregate principal amount of unsecured senior notes due 2025. The company intends to use the net proceeds from the offering of the Notes, along with cash on hand, to repurchase $1 billion aggregate principal amount of its outstanding 5.375% senior notes due 2020 and Valeant Pharmaceuticals International's outstanding 7.000% senior notes due 2020 and 6.375% senior notes due 2020 and to pay related fees and expenses.

The company also announced it has provided notice to lenders of its intent to repay $175 million of amounts outstanding under revolving credit facility, using cash on hand.