Valeant Pharmaceuticals International Inc. launched a $1 billion debt offering to repurchase some of its existing notes.
Specifically, the company plans to repurchase its outstanding 5.375% senior notes, 7.00% senior notes and 6.375% senior notes, all due 2020.
The debt will be priced at a later date.
The company said it will also repay $175 million in outstanding amounts under its revolving credit facility in the week of Dec. 4 using available cash.
The notes will be guaranteed by each of Valeant's subsidiaries that are guarantors under the drugmaker's credit agreement and its existing senior notes.
Completion of the offering is subject to market and other conditions.