Valeant Pharmaceuticals International Completes $1B Cross-Border Private Placement of Senior Notes

On November 23, 2010, Valeant Pharmaceuticals International, a wholly owned subsidiary of Valeant Pharmaceuticals International, Inc. (collectively, “Valeant”), a multinational, specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products, completed the private placement in the United States and Canada of $1 billion aggregate principal amount of its 6.875 per cent Senior Notes due 2018. Valeant intends to use the net proceeds from the offering to repay certain existing indebtedness and for general corporate purposes (including acquisitions and debt repayment and share repurchases (including pursuant to Valeant's recently announced securities purchase program)). The private placement of the Senior Notes was led by Goldman, Sachs & Co., as sole bookrunning manager.

The transaction was led in-house by Robert Chai-Onn, Executive Vice President, General Counsel and Corporate Secretary. Ogilvy Renault LLP acted as Canadian counsel to Valeant. Ogilvy Renault's team included Gino Martel, Niko Veilleux, Peter Wiazowski and Amélie Métivier (corporate and securities) and Derek Chiasson (tax). Skadden, Arps, Slate, Meagher & Flom LLP acted as US counsel to Valeant with a team led by Stephen Arcano, Richard Aftanas and David Rievman.

The bookrunning manager was represented by Cahill Gordon & Reindel LLP, with a team led by Noah Newitz and Michael Sherman.