Davis Polk advised Valeant Pharmaceuticals International, Inc. in connection with a refinancing transaction pursuant to which Valeant issued new debt to refinance its shorter term maturities and amended its credit facility to provide increased operational flexibility. First, Davis Polk advised on Valeant’s Rule 144A/Regulation S offering of $1.25 billion aggregate principal amount of 6.50% senior secured notes due 2022 and $2 billion aggregate principal amount of 7.00% senior secured notes due 2024. Second, Davis Polk advised Valeant in connection with the borrowing of approximately $3 billion of new term loans maturing in 2022 and several amendments to Valeant’s existing credit facility to provide increased operational flexibility. Finally, Davis Polk is also advising Valeant on its concurrent tender offer to purchase $1.1 billion of its outstanding 6.75% senior unsecured notes due 2018. Valeant used the proceeds of the notes offering and the new term loans under the credit facility, together with cash on hand, to repay all term loans under the credit facility maturing in 2018, 2019 and 2020, $350 million of revolver borrowings under the credit facility and $1.1 billion of its 6.75% senior unsecured notes due 2018 in the tender offer.

Valeant is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics.

The Davis Polk credit team included partner Jason Kyrwood and associates Hilary Dengel, Eitan M. Goldberg and Tanya Leykekhman. The capital markets team included partners Michael Kaplan and Sophia Hudson and associates Ravi P. Ramchandani and Eileen Juyon Park. Partner Christophe Perchet provided French law advice. Partner Simon Witty provided English law advice. Members of the Davis Polk team are based in the New York, London and Paris offices.

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