Mr. Laurie Little reports

VALEANT PHARMACEUTICALS TO SYNDICATE SENIOR SECURED TERM LOAN CREDIT FACILITY

Valeant Pharmaceuticals International Inc. plans to syndicate a $500-million senior secured term loan B credit facility as a new tranche under its existing senior secured credit facilities to finance repayment of its existing $275-million revolving facility and for general corporate purposes, including acquisitions. The term loan B loans will mature in 2019 and are expected to have terms that are customary for this type of financing. The facility is expected to close in February, 2012, subject to market and other customary conditions.

We seek Safe Harbor.