Valeant Will Exceed $5 Billion Debt Reduction Commitment, Achieving Milestone Earlier Than Anticipated

Share on linkedin
Share on facebook
Share on twitter
Share on email

Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) (“Valeant” or the “Company”) has announced it put in notice to pay down an additional $125 million of its senior secured term loans, using cash on hand. When the debt is repaid later this week, the Company will exceed its August 2016 commitment to pay down $5 billion in debt from divestiture proceeds and free cash flow ahead of its previously stated timing of February 2018.

“Due to strong operating cash flow, we are able to reduce our debt by an additional $125 million. This means we will not only surpass our goal of paying down $5 billion of debt, but also will exceed it earlier than our initially committed February 2018 timeframe,” said Joseph C. Papa, chairman and CEO, Valeant. “We will continue to work on reducing our debt and executing on our strategy of investing in our core businesses that will drive growth and where we believe we can make the biggest impact on the lives of patients.”

About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics. More information about Valeant can be found at www.valeant.com.

Share on linkedin
Share on facebook
Share on twitter
Share on email

Subscribe

The Canadian Business Quarterly (The CBQ) provides an in-depth view of business and economic development issues taking place across the country. Featuring interviews with top executives, government policy makers and prominent industry bodies The CBQ examines the news beyond the headlines to uncover the drivers of local, provincial, and national affairs. All copy appearing in The Canadian Business Quarterly is copyrighted. Reproduction in whole or part is not permitted without written permission. Any financial advice published in The Canadian Business Quarterly or on www.TheCBQ.ca has been prepared without taking in to account the objectives, financial situation or needs of any reader. Neither The Canadian Business Quarterly nor the publisher nor any of its employees hold any responsibility for any losses and or injury incurred (if any) by acting on information provided in this magazine or website. All opinions expressed are held solely by the contributors and are not endorsed by The Canadian Business Quarterly or www.TheCBQ.ca. All reasonable care is taken to ensure truth and accuracy, but neither the editor nor the publisher can be held responsible for errors or omissions in articles, advertising, photographs or illustrations. Unsolicited manuscripts are welcome but cannot be returned without a stamped, self-addressed envelope. The publisher is not responsible for material submitted for consideration. The CBQ is published by Romulus Rising Pty Ltd, ABN: 77 601 723 111.