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Watson Prices $850 Million of Senior Unsecured Notes

MORRISTOWN, N.J., Aug. 18 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI), a specialty pharmaceutical company, today announced the pricing of a debt offering of $450.0 million of 5.000% senior notes due 2014 and $400.0 million of 6.125% senior notes due 2019, for a total offering of $850.0 million in aggregate principal amount. The offering is expected to close on August 24, 2009, subject to market conditions and other factors.

Watson intends to use the net proceeds from the offering to fund a portion of the cash consideration for Watson's previously announced acquisition of the privately-held Arrow Group, to redeem the $575.0 million aggregate principal amount outstanding of its contingent senior debentures due 2023 and to repay $100.0 million of term loan borrowings under its existing credit agreement. The senior unsecured notes offering is not conditioned on the completion of the acquisition of the Arrow Group and the notes are not subject to a mandatory redemption if the acquisition is not consummated.

Watson has filed a registration statement (including a prospectus supplement and accompanying prospectus) with the SEC relating to the offering. This offering of senior unsecured notes may be made only by means of a prospectus supplement and an accompanying prospectus. Before investing, investors should read the prospectus, the prospectus supplement and other documents that the company has filed with the SEC for more complete information about Watson Pharmaceuticals, Inc. and this offering. Investors may get these documents for free by visiting EDGAR on the SEC Web site at Alternatively, copies of the prospectus and prospectus supplement relating to the notes can be obtained by contacting BofA Merrill Lynch or Barclays Capital at:

    BofA Merrill Lynch
    100 West 33rd Street
    New York, NY 10001
    Attention:  Prospectus Department

    Barclays Capital
    c/o Broadridge Integrated Distribution Services
    1155 Long Island Avenue
    Edgewood, NY 11717

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Watson Pharmaceuticals, Inc.

Watson Pharmaceuticals, Inc. is a global leader in the development and distribution of pharmaceuticals with a broad portfolio of generic products and a specialized portfolio of brand pharmaceuticals focused on Urology, Women's Health and Nephrology/Medical.

For press release and other company information, visit Watson Pharmaceuticals' Web site at

Forward-Looking Statement

Any statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Watson's current perspective of existing trends and information as of the date of this release. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements. Actual results may differ materially from Watson's current expectations depending upon a number of factors affecting Watson's business. These factors include, among others, such risks and uncertainties detailed in the prospectus supplement, Watson's Annual Report on Form 10-K for the year ended December 31, 2008 and Form 10-Q for the period ended June 30, 2009 and other filings with the Securities and Exchange Commission.


SOURCE Watson Pharmaceuticals, Inc.
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