Valeant's offer to repurchase $1.1B of 6.75% senior debt oversubscribed; shares up 1% premarket

|About: Valeant Pharmaceutical... (VRX)|By:, SA News Editor

Valeant Pharmaceuticals (NYSE:VRX) announces that holders of its 6.75% Senior Notes due 2018 have validly tendered ~$1.55B of the debt in connection to its offer to repurchase for cash up to $1.1B. Since the offer is oversubscribed, it will prorate the purchases at 70.9%. Total consideration of $1,029.06 for each $1,000 principal amount of the Notes, plus accrued and unpaid interest, should be paid today.

Shares are up 1% premarket on light volume.

Previously: Valeant upsizes debt offering to $3.25B; shares ahead 3% premarket (March 10)