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Valeant refinances credit facilities, will redeem senior notes

Valeant Pharmaceuticals International Inc. said it has entered an amended credit and guaranty agreement that will result in the full refinancing of its secured revolving and term loan credit facilities.

The Canadian drugmaker also closed an offering of 8.500% senior notes due 2027 by its unit Valeant Pharmaceuticals International.

In addition, the pharmaceutical company said it will redeem the remaining $691 million of its outstanding 5.375% senior notes due 2020 and the unit will redeem the remaining $146 million of its outstanding 6.375% senior notes due 2020.

Valeant will also redeem the remaining $578 million of its outstanding 6.750% senior notes due 2021 and the entire $550 million of its outstanding 7.250% senior notes due 2022.

The company will redeem the notes July 2 using a portion of the net proceeds from new term loans and the 8.500% senior notes due 2027, along with cash on hand.