April 8, 2010 (FinancialWire) — Valeant Pharmaceuticals International (NYSE: VRX) said that it has priced a private placement of $400 million of 7.625% senior unsecured notes due 2020. The principal amount was increased from a previously reported $350 million.

The senior unsecured notes were priced at par and will be issued by the company and jointly and severally guaranteed by certain of the company's subsidiaries, which initially shall be the same subsidiaries that guarantee Valeant’s outstanding 8.375% senior notes Due 2016.

Valeant said it plans to use the net proceeds from this offering to repurchase 3.0% convertible subordinated notes due 2010 of the company and other securities of the company, to finance the acquisition of a private branded generics and over-the-counter company located in Brazil for which Valeant has signed a binding agreement and for other general corporate purposes.

California-based Valeant Pharmaceuticals is a multinational specialty pharmaceutical company that develops, manufactures and markets a range of products primarily in the areas of neurology and dermatology.

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