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
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
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
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 http://www.watson.com.
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.
of Watson Pharmaceuticals, Inc.,
Web Site: http://www.watson.com