Valeant pays down roughly $220 million on senior secured term loans

By Tali Rackner

Minneapolis, May 1 – Valeant Pharmaceuticals International, Inc. reduced its senior secured terms loans by roughly an additional $220 million as of Monday, according to a press release.

The paydown follows the earlier-than-expected closing of the sale of three skincare brands to L’Oreal and the closing of the divestiture of a manufacturing facility in Brazil, Valeant said.

In total, the company has now reduced about$3.6 billion of debt from the end of first quarter 2016. It said it continues to advance toward its expectation of paying down $5 billion of debt from divestiture proceeds and free cash flow within 18 months of August 2016.

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

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