Valeant Pharmaceuticals International Inc. (VRX: Quote,VRX.TO: Quote) announced Thursday that VPI Escrow Corp., a newly formed wholly owned Delaware subsidiary of Valeant Pharmaceuticals International , a wholly owned indirect subsidiary of the Company, has priced its previously announced offering of $1,750 million aggregate principal amount of 6.375% senior unsecured notes due 2020.
The offering is expected to close on or about October 4, 2012. The net proceeds of the offering are expected to be used to fund (i) the transactions contemplated by the previously announced Agreement and Plan of Merger with Medicis Pharmaceutical Corporation whereby Medicis will continue as a wholly owned subsidiary of Valeant, (ii) Medicis's obligation to pay the conversion consideration with respect to, or repurchase, its outstanding notes, and (iii) transaction expenses in connection with the Merger Agreement.
Additionally, the company also announced that Valeant has priced its previously announced offering of $500 million aggregate principal amount of 6.375% senior unsecured notes due 2020. The offering is expected to close on or about October 4, 2012.
Valeant said it intends to use the net proceeds of the offering for general corporate purposes, including potential acquisitions.
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by RTT Staff Writer
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