Wells Fargo analyst David Maris says that less than two weeks after filing a shelf offering, Valeant Pharmaceuticals this morning launched a $1.25B offering of unsecured senior notes due 2026. Based on discussions with his firm's high yield debt analyst, Maris estimates the debt likely has a 9%-plus coupon. Valeant is looking to push out 2020 maturities, which may be reflective of its business outlook for the period between now and maturity, Maris tells investors in an intraday research note. Further, swapping 6% debt for 9% debt is an "expensive proposition with less cash flow available to equity holders," the analyst adds. He believes Valeant will likely keep refinancing debt at "higher and higher rates with longer and longer maturities until it can no longer do so." Maris keeps an Underperform rating on Valeant shares. The stock in afternoon trading is up 2.6% to $15.78.