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Valeant closes $750M debt offering

Valeant Pharmaceuticals International Inc. closed an offering of $750 million of 5.50% senior secured notes due 2025.

Net proceeds were used, along with cash on hand, to prepay a portion of company's outstanding series F tranche B term loan facilities due 2022 and to pay related fees and expenses.

After the closing, Valeant successfully completed the repricing of its series F tranche B term loan. The amendment reduces the annual interest rate on the facilities by 1.25% and makes certain other changes.