Valeant to repay term loan debt with $930 million iNova sale proceeds

By Sarah Lizee

Olympia, Wash., Sept. 29 – Valeant Pharmaceuticals International, Inc. plans to repay term loan debt under its senior credit facility using proceeds from the sale of iNova Pharmaceuticals, according to a company release.

The company agreed to sell iNova to a company jointly owned by funds advised and managed by Pacific Equity Partners and Carlyle Group for $930 million in cash.

On Friday, Valeant said the sale has closed, raising $920 million of proceeds.

In addition, Valeant announced that it would use $100 million of cash from operations to repay borrowings on its revolving credit facility.

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

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