MONTREAL, Sept. 14, 2012 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) today announced plans to syndicate an additional $1,000,000,000 of incremental term B loans under its existing senior secured credit facilities. The incremental term B loans will be used to provide a portion of the financing for Valeant's anticipated acquisition of all of the outstanding common stock of Medicis Pharmaceutical Corporation (NYSE: MRX). The incremental term B loans will have a seven year term and are expected to have terms that are substantially similar to the Company's existing Term Loan B facility. The incremental term B loans are expected to close in the first half of 2013, concurrent with the closing of the transaction. The Company also intends, subject to market and other conditions, to raise approximately $500,000,000 of unsecured debt for general corporate purposes, including acquisitions. About Valeant Pharmaceuticals International, Inc. Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, neurology and branded generics. More information about Valeant Pharmaceuticals International, Inc. can be found at www.valeant.com. Forward-looking Statements This press release may contain forward-looking statements. Forward-looking statements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," or "continue" and variations or similar expressions. These statements which include statements regarding our plans to syndicate incremental term loans and the proposed terms thereof and our expectation as to when and if the incremental term loan facility will close, are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the Company's most recent annual or quarterly report filed with the Securities and Exchange Commission ("SEC") and risks and uncertainties as detailed from time to time in the Company's filings with the SEC and the Canadian Securities Administrators ("CSA"), which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Valeant undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.
Medicis Pharmaceuticals Corporation (NYSE:MRX) hit a new 52-week high Wednesday as it is currently trading at $43.73, above its previous 52-week high of $43.70 with 2.3 million shares traded as of 1:50 p.m. ET. Average volume has been 1.8 million shares over the past 30 days.
The ex-dividend date for Medicis Pharmaceuticals Corporation (NYSE:MRX) is tomorrow, September 27, 2012. Owners of shares as of market close today will be eligible for a dividend of 10 cents per share. At a price of $43.34 as of 9:30 a.m., the dividend yield is 0.9%.