Valeant Announces Debt Reduction

Pharmaceutical Investing

Valeant Pharmaceuticals International announced a $220 million reduction in its debt thanks to a skincare brand sale and an international facility closure.

Valeant Pharmaceuticals International (NYSE:VRX, TSX:VRX) announced a $220 million reduction in its debt thanks to a skincare brand sale and an international facility closure.
As quoted in the press release:

Following the earlier-than-expected closing of the sale of three skincare brands to L’Oréal and the closing of the divestiture of a manufacturing facility in Brazil, it has reduced its senior secured terms loans by approximately an additional $220 million as of Monday May 1, 2017. In aggregate, the company has now reduced approximately $3.6 billion of debt from the end of first quarter 2016.
The company continues to advance toward its expectation of paying down $5 billion in debt from divestiture proceeds and free cash flow within 18 months of August 2016.

Click here to read the full press release.

Source: www.newswire.ca

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