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.
View original content with multimedia:http://www.prnewswire.com/news-releases/valeant-announces-pricing-of-private-offering-of-senior-notes-300566276.html
SOURCE Valeant Pharmaceuticals International, Inc.