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Valeant Pharmaceuticals Announces Private Exchange Offer

Stocks in this article: VRX

MONTREAL, March 29, 2013 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) announced today that its wholly owned subsidiary Valeant Pharmaceuticals International (the "Company") intends to commence an offer to exchange (the "Exchange Offer") any and all of its outstanding $500 million aggregate principal amount of 6.375% Senior Notes due 2020 (the "Existing Notes") for up to an additional $500 million aggregate principal amount of its 6.375% Senior Notes due 2020 (the "Exchange Notes") issued pursuant to the indenture, dated as of October 4, 2012 (the "Date of Issuance"), as supplemented, among the Company, Valeant Pharmaceuticals International, Inc. (the "Parent"), the guarantors named therein and The Bank of New York Mellon Trust Company, as trustee.

The Exchange Notes will be guaranteed by same guarantors of the Existing Notes, which are the Parent and each of the Parent's subsidiaries (other than the Company) that is a guarantor of the Parent's senior secured credit facilities. The form and terms of the Exchange Notes will be substantially identical to the form and terms of the Existing Notes.  The Company is conducting this Exchange Offer in order to satisfy its obligations under the indenture governing the Existing Notes with the anticipated result being that some or all of such notes will be part of a single series of notes under one indenture using a single CUSIP number.

Upon the terms and subject to the conditions of the Exchange Offer, for each $1,000 principal amount of Existing Notes validly tendered, and not withdrawn, in the Exchange Offer for the Existing Notes, eligible holders will receive $1,000 principal amount of Exchange Notes.

The Exchange Offer will expire at 5:00 p.m., New York City time, on April 26, 2013, unless extended or earlier terminated by the Company (such date and time, as the same may be extended or earlier terminated, the "Expiration Time"). Eligible holders that validly tender their Existing Notes and do not withdraw their tenders at or prior to 5:00 p.m., New York City time, on April 9, 2013 (such date and time, the "Initial Expiration Time") will receive Exchange Notes on April 10, 2013.

Tenders in the Exchange Offer may be validly withdrawn at any time prior to the Initial Expiration Time, but will thereafter be irrevocable, except as required by applicable securities laws. 

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