Valeant pushes out debt maturities with $1.5bn refi

Pharmaceutical company Valeant took advantage of strong conditions in the US high yield market on Monday as it issued a bigger than expected $1.5bn eight year senior note to refinance $1bn of debt due 2020.

  • By David Bell
  • 04 Dec 2017

The firm was due to price a $1.5bn eight year non-call four year deal at a cash price of 98.61 to yield 9.25% on Monday. The notes have a 9% coupon and have Caa1/B- ratings from Moody's and S&P. Barclays was the sole bookrunner on the deal.

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 118,624.20 342 12.98%
2 Bank of America Merrill Lynch 99,769.11 286 10.92%
3 Wells Fargo Securities 86,271.10 256 9.44%
4 JPMorgan 67,323.36 205 7.37%
5 Credit Suisse 49,265.86 144 5.39%