Valeant pushes out debt maturities with $1.5bn refi

Valeant
By David Bell
04 Dec 2017

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.

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.

The size ...

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