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Valeant upsizes senior notes offering to $1.5B

Valeant Pharmaceuticals International Inc. upsized its previously announced offering of senior notes to $1.5 billion from $1.25 billion.

The offering, which Valeant is conducting through its wholly owned indirect unit Valeant Pharmaceuticals International, is expected to close on or around March 26. The unit is offering 9.250% senior notes due 2026.

The Canadian specialty pharmaceutical company said it will use net proceeds to help repurchase some of its existing notes, including its 6.375% senior notes due 2020, 5.375% senior notes due 2020, and up to $100 million of its 6.750% senior notes due 2021.

Deutsche Bank Securities is acting as dealer manager for the offering, with Global Bondholder Services Corp. as depositary and information agent.