Valeant to Syndicate Additional $1B in Incremental Term Loans
Valeant Pharmaceuticals International, Inc. announced plans to syndicate an additional $1 billion 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. 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 million of unsecured debt for general corporate purposes, including acquisitions.
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 dermatology, neurology and branded generics.
Previously on abfjournal.com: