Notes Sold: Costa Mesa-based ICN Pharmaceuticals Inc....

Notes Sold: Costa Mesa-based ICN Pharmaceuticals Inc. said Friday that it sold $115 million worth of notes--the equivalent of a corporate IOU--and will use a substantial part of the proceeds to retire existing debts with higher interest rates. The notes issued Friday mature in 1999 and carry an 8.5% interest rate. Among other things, ICN now intends to retire $37 million worth of 12.875% notes, plus interest that would be due for the period from July 15 through Dec. 19 of this year.