Valeant Pharmaceuticals International prices $400M of 7.625% senior unsecured notes due 2020

Apr 7 2010

Valeant Pharmaceuticals International (NYSE: VRX) announced today that it has priced its previously announced private placement of $400 million of 7.625% senior unsecured notes due 2020. The principal amount was increased from the previously announced $350 million. The senior unsecured notes were priced at par and will be issued by the Company and jointly and severally guaranteed by certain of the Company's subsidiaries, which initially shall be the same subsidiaries that guarantee the Company's outstanding 8.375% Senior Notes Due 2016. The Company intends to use the net proceeds from this offering to repurchase 3.0% Convertible Subordinated Notes due 2010 of the Company and other securities of the Company, to finance the acquisition of a private branded generics and over-the-counter company located in Brazil for which the Company has signed a binding agreement and for other general corporate purposes.

The notes will not initially be registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws. The notes will be offered only to qualified institutional buyers under Rule 144A and outside the United States in compliance with Regulation S under the Securities Act. This press release does not constitute an offer to sell any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer or sale would be unlawful.