Valeant prices $1.2B in notes

Valeant Pharmaceuticals International (NYSE:VRX) raised $1.2 billion in a bumped-up offering of senior notes comprising $500 million in 6.75% notes due 2017 and $700 million in 7% notes due 2020. Earlier this month, Valeant proposed to raise $1 billion. The company also received $1.5 billion in term loans and may draw down an additional $125 million. The company plans to use a portion of the proceeds from the notes and loans to refinance its 7.625% and 8.375% senior unsecured notes due 2020 and 2016, respectively, and pay a one-time special cash dividend of $16.77 per share to shareholders. ...