Valeant Launches $1 Billion Private Senior Notes Offering

October 6, 2017: By Joan McKenna

Valeant PharmaceuticalsValeant Pharmaceuticals International said Oct. 2 that it has launched a $1 billion private debt offering of 5.5 percent senior secured notes due in 2025. The offering is expected to close Oct. 17.

The proceeds will be used to buy back $1 billion in aggregate principle of outstanding notes (7 percent, 6.375 percent, and 5.375 percent notes) due in 2020.

The Canadian company has said this year that it expects to exceed its goal of paying down more than $5 billion of debt by February 2018.

Valeant has been selling noncore assets to lower its debt, which stood at more than $28 billion in August.

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