Valeant Pharmaceuticals International Inc. priced its previously announced offering of 9.000% senior notes due 2025 at 98.611%.
The offering, which is expected to close by Dec. 18, was upsized to $1.5 billion from $1 billion.
Valeant plans to use net proceeds, along with cash on hand, to repurchase $1.5 billion of notes in a separate tender offer. It includes the company's outstanding 7.00% senior notes, 6.375% senior notes and 5.375% senior notes, all due 2020.
The notes will be guaranteed by each of Valeant's subsidiaries that are guarantors under the company's credit agreement and its existing senior notes.
Completion of the offering is subject to various closing conditions.
