Valeant Completes Syndication of Term Loan B Facility
Valeant Pharmaceuticals International, Inc. announced the successful syndication of a $600 million senior secured Tranche B term loan facility under its existing senior secured credit facilities to fund repayment of certain outstanding amounts under its existing revolving facility and for general corporate purposes, including acquisitions.
The Tranche B term loan will mature in 2019 and have terms that are customary for this type of financing. The Tranche B term loans bear interest at a rate per annum equal to, at Valeant’s option, a base rate or a LIBO rate plus an applicable margin. The initial interest rate for the Tranche B term loans is the LIBO rate plus 2.75% per annum. The facility closed on February 13, 2012.
Valeant Pharmaceuticals International, Inc. is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics.
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