MISSISSAUGA, Ontario, Aug. 29, 2011 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (the "Company" or "Valeant") announced today that its Board of Directors has approved an increase of $300 million under its previously announced securities repurchase program (the "Securities Repurchase Program"). Under the Securities Repurchase Program, Valeant may now repurchase up to $1.8 billion of its convertible notes, senior notes, common shares and/or other notes or shares that may be issued prior to the completion of the program. As part of this Securities Repurchase Program, Valeant also recently announced that it had filed a Notice of Intention to make a normal course issuer bid to repurchase up to 1,000,000 of its common shares through the facilities of the Toronto Stock Exchange ("TSX").
The Securities Repurchase Program will terminate on November 7, 2011 or at such time as Valeant completes its purchases. To date, the Company has purchased 14,969,599 of its common shares for aggregate consideration of $590.6 million and a total of $302.5 million principal amount of its 5.375% Convertible Notes for aggregate consideration of $806.3 million. The amount of securities to be purchased and the timing of purchases under the Securities Repurchase Program may be subject to various factors, which may include the price of the securities, general market conditions, corporate and regulatory requirements, alternate investment opportunities and restrictions under the Company's financing agreements. The securities to be repurchased will be funded using Valeant's cash resources.
Valeant believes that the proposed purchases are in the best interests of the Company and are a desirable use of corporate funds. The Securities Repurchase Program may be modified, suspended or terminated at any time without prior notice.
About Valeant Pharmaceuticals International, Inc.
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) i
|SOURCE Valeant Pharmaceuticals International, Inc.|
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