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Valeant Pharmaceuticals International Inc Announces Public Offering Of Common Shares

Monday, 17 Jun 2013 04:02pm EDT 

Valeant Pharmaceuticals International Inc announced that it has filed a preliminary prospectus supplement to its effective shelf registration statement on Form S-3 and has made a similar filing with securities regulatory authorities in each of the provinces of Canada in connection with a public offering of its common shares to raise gross proceeds of approximately $1.75 billion (the "Offering"). The Company will also grant to the underwriters of the Offering an option, exercisable for a period of 30 days following the date of the final prospectus supplement, to purchase additional common shares equal to up to 15% of the common shares initially sold. The Company intends to use the net proceeds from the Offering, together with debt financing, to fund the consideration of its previously disclosed acquisition (the Merger) of Bausch + Lomb Holdings Incorporated (B+L), the fees and expenses incurred in connection with the Merger; and the repayment or retirement of B+L's outstanding debt. If the Merger were not to close for any reason, the proceeds of the Offering will be used for general corporate purposes, which may include providing working capital, funding capital expenditures or for making one or more future acquisitions. Goldman, Sachs & Co. will act as sole manager of the Offering outside of Canada and Goldman Sachs Canada Inc. will act as sole manager of the Offering in Canada.