MISSISSAUGA, Ontario, April 20, 2011 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX ) today announced that it will redeem all of the outstanding 4.0% Convertible Subordinated Notes due 2013 (the "Notes") of its wholly-owned subsidiary, Valeant Pharmaceuticals International, on May 20, 2011 (the "Redemption Date"). The notice of redemption was distributed to holders of the Notes on April 20, 2011.
On and after May 20, 2011, the Notes will no longer be deemed outstanding, interest will cease to accrue thereon, and all rights of the holders will cease, except for the right to receive the redemption price, without interest thereon.
The current conversion price is $12.65. The Notes called for redemption may be converted at any time before the close of business on May 19, 2011 but may not be converted on or after the Redemption Date unless the Company fails to pay the redemption price.
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a multinational specialty pharmaceutical company that develops and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics.
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