Valeant Pharmaceuticals to repay term loan with Obagi sale proceeds

By Tali Rackner

Minneapolis, July 17 – Valeant Pharmaceuticals International, Inc. plans to permanently repay term loan debt under its senior secured credit facility using the proceeds from the sale of its Obagi Medical Products business, according to a press release.

The company agreed to sell the business for $190 million in cash to Haitong International Zhonghua Finance Acquisition Fund I, LP. The transaction is expected to close in the second half of the year.

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

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