Valeant Pharmaceuticals Intl Inc (VRX) announces redemption of $445.0 Million of 6.875% Senior Notes Due 2018


Valeant VRX
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) (TSE:VRX) announced the redemption of $445.0 Million of 6.875% Senior Notes Due in 2018.  After the transaction, the company will have approximately $500.0 million outstanding of the 6.875% Senior Notes Due 2018.

Move comes under Newly Authorized Securities Repurchase Program

On November 20th, Valeant announced that its Board of Directors had authorized a new securities repurchase program which will commence on November 21st, 2014. The program which  commenced on November 21, 2014 allowed for the repurchase of senior notes, common shares, and/or other securities. The repurchase program replaced a previous program under which the company made no purchases of securities.

Major Shareholder recently purchased nearly $30 million in shares

ValueAct Capital, headed by Jeff Ubben, recently reported increasing its position in Valeant. The fund acquired 210,000 shares at a price of $142.25/share. This implies a purchase of nearly $30 million. ValueAct now owns 19.13 million shares of the company. ValueAct Capital is a value investing based fund, with a long term philosophy.

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