Davis Polk advised Valeant Pharmaceuticals International, Inc. (“Valeant”) in connection with a refinancing transaction pursuant to which its indirect wholly owned subsidiary, Valeant Pharmaceuticals International (the “Issuer”), issued new debt to refinance shorter term maturity debt of it and Valeant. Davis Polk advised on the Issuer’s Rule 144A/Regulation S offering of $1.5 billion aggregate principal amount of 9.250% senior notes due 2026. Davis Polk also advised Valeant on it and the Issuer’s concurrent tender offers to purchase up to $1.5 billion of the Issuer’s outstanding 6.375% senior unsecured notes due 2020, Valeant’s outstanding 5.375% senior unsecured notes due 2020 and the Issuer’s outstanding 6.750% senior unsecured notes due 2021.

Valeant is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of branded, generic and branded generic pharmaceuticals, over-the-counter products, and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment and aesthetics devices) which are marketed directly or indirectly in over 90 countries.

The capital markets team included partners Michael Kaplan and Sophia Hudson and associates Milson C. Yu, Rahim Manji, Brandon Une and Jacqueline Marino. Partner Michael Mollerus and associate Tracy L. Matlock provided tax advice. All members of the Davis Polk team are based in the New York office.

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