The company has now reduced approximately $3.6 billion of debt from the end of first
quarter 2016
LAVAL, Quebec, May 1, 2017 /CNW/ -- Valeant Pharmaceuticals
International, Inc. (NYSE: VRX and TSX: VRX) ("Valeant") today
announced that, following the earlier-than-expected closing of the
sale of three skincare brands to L'Oréal and the closing of the
divestiture of a manufacturing facility in Brazil, it has reduced its senior secured
terms loans by approximately an additional $220 million as of Monday
May 1, 2017. In aggregate, the company has now reduced
approximately $3.6 billion of debt
from the end of first quarter 2016.
The company continues to advance toward its expectation of
paying down $5 billion in debt from
divestiture proceeds and free cash flow within 18 months of
August 2016.
About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a
multinational specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical products
primarily in the areas of dermatology, gastrointestinal disorders,
eye health, neurology and branded generics. More information about
Valeant can be found at www.valeant.com.
Forward-looking Statements
This press release may contain forward-looking statements which
may generally be identified by the use of the words "anticipates,"
"expects," "intends," "plans," "should," "could," "would," "may,"
"will," "believes," "estimates," "potential," "target," or
"continue" and variations or similar expressions. These statements
are based upon the current expectations and beliefs of management
and are subject to certain risks and uncertainties that could cause
actual results to differ materially from those described in the
forward-looking statements. These risks and uncertainties include,
but are not limited to, risks and uncertainties discussed in the
Company's most recent annual or quarterly report and detailed from
time to time in Valeant's other filings with the Securities and
Exchange Commission and the Canadian Securities Administrators,
which factors are incorporated herein by reference. Readers are
cautioned not to place undue reliance on any of these
forward-looking statements. These forward-looking statements
speak only as of the date hereof. Valeant undertakes no obligation
to update any of these forward-looking statements to reflect events
or circumstances after the date of this press release or to reflect
actual outcomes, unless required by law.
Contact Information:
Elif McDonald
elif.mcdonald@valeant.com
514-856-3855
877-281-6642 (toll free)
Media:
Renée Soto
or
Chris Kittredge/Jared Levy
Sard Verbinnen & Co.
212-687-8080
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SOURCE Valeant Pharmaceuticals International, Inc.