Valeant to pay down $125 million more on senior secured term loans

By Sarah Lizee

Olympia, Wash., Oct. 31 – Valeant Pharmaceuticals International, Inc. put in notice to pay down an additional $125 million of its senior secured term loans using cash on hand, according to a press release.

When the debt is repaid later this week, the company will exceed its August 2016 commitment to pay down $5 billion in debt from divestiture proceeds and free cash flow ahead of its previously stated timing of February 2018, the release said.

"Due to strong operating cash flow, we are able to reduce our debt by an additional $125 million. This means we will not only surpass our goal of paying down $5 billion of debt, but also will exceed it earlier than our initially committed February 2018 timeframe," Joseph C. Papa, chairman and chief executive officer of Valeant, said in the release.

"We will continue to work on reducing our debt and executing on our strategy of investing in our core businesses that will drive growth and where we believe we can make the biggest impact on the lives of patients."

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

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