Valeant to permanently repay term loan debt with asset sale proceeds

By Tali Rackner

Norfolk, Va., Jan. 10 – Valeant Pharmaceuticals International, Inc. plans to permanently repay term loan debt under its senior credit facility using the proceeds from the sales of its CeraVe, AcneFree and AMBI skincare brands to L'Oreal and all of the outstanding equity interests in Dendreon Pharmaceuticals, Inc. to the Sanpower Group Co., Ltd., according to two press releases.

Both transactions are expected to close in the first half of the year.

The CeraVe, AcneFree and AMBI sale amounts to C$1.3 billion, and the Dendreon sale amounts to C$819.9 million.

Valeant is a Laval, Quebec-based specialty pharmaceutical company.

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