LAVAL, Quebec, June 1, 2018 /CNW/ -- Valeant
Pharmaceuticals International, Inc. (NYSE/TSX: VRX) ("Valeant" or
the "Company") today announced that it has entered into a Fourth
Amended & Restated Credit and Guaranty Agreement (the "New
Credit Agreement") effectuating a full refinancing of its secured
revolving and term loan credit facilities, and closed the
previously announced offering of 8.500% Senior Notes due 2027 by
Valeant Pharmaceuticals International ("VPI"), a wholly owned
indirect subsidiary of Valeant. Valeant also announced that on
July 2, 2018, it will redeem the
remaining $691 million aggregate
principal amount of its outstanding 5.375% Senior Notes due 2020
(the "5.375% Notes") and that VPI will redeem the remaining
$146 million aggregate principal
amount of its outstanding 6.375% Senior Notes due 2020 (the "6.375%
Notes"), the remaining $578 million
aggregate principal amount of its outstanding 6.750% Senior Notes
due 2021 (the "6.750% Notes") and the entire $550 million aggregate principal amount of its
outstanding 7.250% Senior Notes due 2022 (the "7.250% Notes" and
together with the 5.375% Notes, the 6.375% Notes and the 6.750%
Notes, the "Notes"), using a portion of the net proceeds from new
term loans and the 8.500% Senior Notes due 2027, along with cash on
hand. Valeant and VPI issued today irrevocable notices of
redemption for each series of the Notes. Valeant and VPI deposited
sufficient funds with The Bank of New York Mellon Trust Company,
N.A., as trustee under the indentures governing the Notes, to
redeem the Notes at the aggregate redemption price for the Notes
and the indentures governing the Notes were discharged.
On June 1, 2018, a copy of the
irrevocable notice of redemption with respect to each series of the
Notes was issued to the record holders of each series of such
Notes. Payment of the redemption price and surrender of the Notes
for redemption will be made through the facilities of the
Depository Trust Company in accordance with the applicable
procedures of the Depository Trust Company. The name and address of
the paying agent are as follows: The Bank of New York Mellon Trust
Company, N.A., c/o The Bank of New York Mellon Trust Company, N.A.;
111 Sanders Creek Parkway, East Syracuse,
N.Y. 13057; Attn: Redemption Unit; Tel: 800-254-2826.
About Valeant
Valeant Pharmaceuticals International,
Inc. (NYSE/TSX: VRX) is a global company whose mission is to
improve people's lives with our health care products. We develop,
manufacture and market a range of pharmaceutical, medical device
and over-the-counter products, primarily in the therapeutic areas
of eye health, gastroenterology and dermatology. We are delivering
on our commitments as we build an innovative company dedicated to
advancing global health.
Forward-Looking Statements
This news release may
contain forward-looking statements, including, but not limited to,
the redemption of the 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, risks and uncertainties discussed in the
Company's most recent annual and quarterly reports and detailed
from time to time in Valeant's other filings with the Securities
and Exchange Commission and the Canadian Securities Administrators,
which factors 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. Valeant undertakes 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, unless required by law.
Investor Contact:
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Media
Contact:
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Arthur
Shannon
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Lainie
Keller
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arthur.shannon@valeant.com
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lainie.keller@valeant.com
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(514)
856-3855
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(908)
927-0617
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(877) 281-6642 (toll
free)
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SOURCE Valeant Pharmaceuticals International, Inc.