Valeant today announced it put in notice to pay down an additional $125M of its senior secured term loans, using cash on hand.
[31-October-2017] |
Valeant Will Exceed $5 Billion Debt Reduction Commitment, Achieving Milestone Earlier Than Anticipated LAVAL, Quebec, Oct. 31, 2017 /PRNewswire/ -- Valeant Pharmaceuticals International (NYSE: VRX and TSX: VRX) (“Valeant” or the “Company”) today 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 Forward-looking Statements Investor Contact: Media Contact: Arthur Shannon Lainie Keller arthur.shannon@valeant.com lainie.keller@valeant.com (514) 856-3855 (908) 927-0617 (877) 281-6642 (toll free)
View original content with multimedia:http://www.prnewswire.com/news-releases/valeant-will-reduce-debt-by-additional-125-million-300546020.html SOURCE Valeant Pharmaceuticals International, Inc. | ||
Company Codes: NYSE:VRX, Toronto:VRX |