Watson Announces Offering of $3.75B in Senior Unsecured Notes

Watson Pharmaceuticals

today announced that it is offering approximately $3.75 billion aggregate principal amount of five, ten and thirty year senior unsecured notes in a registered public offering. 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 Actavis Group. The senior unsecured notes offering is not conditioned on the completion of the acquisition of the Actavis Group. However, if the acquisition is not consummated on or prior to February 28, 2013 or the agreement relating to the acquisition is terminated at any time prior to such date, Watson will be required to redeem all of the senior unsecured notes at a redemption price equal to 101% of the aggregate principal amount of the senior unsecured notes, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.