Broad market issuer Valeant Pharmaceuticals today placed $1.5 billion of eight-year notes via sole bookrunner Barclays. Prior to pricing, the offering was upsized by $500 million. Proceeds will be used to fund a tender offer for the borrower’s 7%, 6.375%, and 5.375% notes due 2020. Valeant last month placed a $750 million add-on to its secured notes due 2025. Valeant Pharmaceuticals (NYSE:VRX) develops, manufactures, and markets pharmaceuticals worldwide. Terms:
|Issue||Senior (144A/Reg S for life)|
|Maturity||Dec. 15, 2025|
|Call||non-call four (par +50% coupon)|
|Trade||Dec. 4, 2017|
|Settle||Dec. 18, 2017 (T+10)|
|Notes||Upsized from $1 billion; change-of-control put @ 101; up to 40% equity claw|
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