Davis Polk Advises Valeant Pharmaceuticals International, Inc. on Its $2.05 Billion Refinancing

Davis Polk advised Valeant Pharmaceuticals International, Inc. in connection with a refinancing transaction pursuant to which its indirect wholly owned subsidiary, Valeant Pharmaceuticals International, issued new debt to refinance shorter term maturity debt of it and Valeant Pharmaceuticals International, Inc. Davis Polk advised on Valeant Pharmaceuticals International’s Rule 144A/Regulation S offering of $750 million aggregate principal amount of 8.500% senior notes due 2027. Davis Polk is also advising Valeant Pharmaceuticals International, Inc. on its redemption of $2.05 billion aggregate principal amount of existing notes of it and Valeant Pharmaceuticals International. Valeant Pharmaceuticals International, Inc. and Valeant Pharmaceuticals International are redeeming in full Valeant Pharmaceuticals International, Inc.’s existing 5.375% senior notes due 2020 and the Valeant Pharmaceuticals International’s existing 6.375% senior notes due 2020, 6.750% senior notes due 2021 and 7.250% senior notes due 2022 (collectively, the “old notes”). The indentures governing the old notes were discharged on June 1, 2018, and the old notes will be redeemed on July 2, 2018.

Valeant Pharmaceuticals International, Inc. is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of branded, generic and branded generic pharmaceuticals, over-the-counter products and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment and aesthetics devices), which are marketed directly or indirectly in over 90 countries.

The Davis Polk capital markets team included partners Michael Kaplan and Sophia Hudson, counsel Jeffrey S. Ramsay and associates Stephen A. Byeff, Evan Leitner, Mahfouz Basith and Bria J.M. Cunningham. Partner Michael Mollerus and associate Tracy L. Matlock provided tax advice. All members of the Davis Polk team are based in the New York office.