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Valeant Pharmaceuticals Announces Redemption and Defeasance of 7.625% Senior Notes Due 2020 and 8.375% Senior Notes Due 2016
Date:9/27/2010

ALISO VIEJO, Calif., Sept. 27 /PRNewswire-FirstCall/ -- Valeant Pharmaceuticals International (NYSE: VRX) today announced that it will redeem all of its outstanding 7.625% Senior Notes due 2020 (the "7.625% Notes") and all of its outstanding 8.375% Senior Notes due 2016 (together with the 7.625% Notes, the "Notes") on October 27, 2010.  The notice of redemption was distributed to holders of the Notes on September 27, 2010.

On and after October 27, 2010, 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.

Valeant Pharmaceuticals International (NYSE: VRX) today further announced that it has deposited funds in the amount of $955,459,201.38 with The Bank of New York Mellon Trust Company, N.A., as Trustee under the respective Indentures for the Notes, to effect a legal defeasance of the Notes.  The legal defeasance was commenced in conjunction with the redemption of the Notes.

About ValeantValeant Pharmaceuticals International is a multinational specialty pharmaceutical company that develops and markets a broad range of pharmaceutical products primarily in the areas of neurology and dermatology. More information about Valeant can be found at www.valeant.com.

Caution Regarding Forward-Looking Information and "Safe Harbor" StatementTo the extent any statements made in this document contain information that is not historical, these statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and may be forward-looking information as defined under applicab
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SOURCE Valeant Pharmaceuticals International
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