19. August 2009 05:28
Watson Pharmaceuticals, Inc. (NYSE: WPI), a specialty pharmaceutical company, today announced that it is offering up to $850 million aggregate principal amount of five and ten 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 Arrow Group, to redeem the $575 million aggregate principal amount outstanding of its contingent senior debentures due 2023 and to repay $100 million of term loan borrowings under its existing credit agreement. The senior unsecured 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 www.sec.gov. 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 866-500-5408 Barclays Capital c/o Broadridge Prospectus Fulfillment 1155 Long Island Avenue Edgewood, NY 11717 888-603-5847
www.watson.com
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