Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) Tuesday priced its previously announced public offering of common shares, stating that pursuant to the offering, it will issue about 23.53 million common shares at a price of $85.00 per share, for aggregate gross proceeds of about $2.0 billion.
Closing of the offering is expected to occur on or about June 24.
The company also granted the underwriters of the offering an option, exercisable for a period of 30 days following the date of the final prospectus supplement, to purchase additional common shares equal to up to 15% of the common shares initially sold.
The company intends to use the net proceeds from the offering, together with debt financing, to fund (i) the consideration of its acquisition of Bausch + Lomb Holdings Inc. (ii) the fees and expenses incurred in connection with the merger; and (iii) the repayment or retirement of Bausch + Lomb's outstanding debt.
If the merger were not to close for any reason, the proceeds of the offering will be used for general corporate purposes, which may include providing working capital, funding capital expenditures or for making one or more future acquisitions.
Goldman, Sachs & Co. will act as sole manager of the offering outside of Canada and Goldman Sachs Canada Inc. will act as sole manager of the offering in Canada.
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