Valeant repays $811 million senior secured term loans via asset sale

By Susanna Moon

Chicago, July 10 – Valeant Pharmaceuticals International, Inc. paid down $811 million of its senior secured term loans using proceeds of the sale of Dendreon Pharmaceuticals LLC.

Valeant has cut its debt by more than $4.3 billion since the end of the first quarter of 2016, and all mandatory amortization has been paid through 2019, according to a company announcement.

The company said it expects to repay $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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