Valeant Said to Shorten 10-Year Notes to Five in Debt Offering

Valeant Pharmaceuticals International Inc. (VRX), the drug distributor acquiring Bausch & Lomb Holdings Inc., dropped plans to issue 10-year notes as part of a $3.23 billion bond sale, instead offering five-year securities.

The shorter bonds may yield about 6.75 percent and eight-year debt may pay about 7.5 percent in a sale planned for June 27, according to a person with knowledge of the transaction, who asked not to be identified because terms aren’t set. The drugmaker had marketed the eight-year notes alongside the 10-year securities starting last week.

The company is also planning $4.05 billion in loans to help fund the purchase, according to a person with knowledge of that transaction.

To contact the reporter on this story: Sarika Gangar in New York at

To contact the editor responsible for this story Alan Goldstein at

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