Valeant Pharmaceuticals International Inc. (TSX:VRX) has launched a private offering of US$750mln worth of notes due in 2025 to pay down its debts.
Proceeds from the offering of the existing 5.5% senior secured notes will be used to repay a portion of term loan facilities due in 2022.
The announcement comes after Valeant in late October that it was on track to pay down more than US$5bn of its debt ahead of its February 2018 target.
Last Tuesday, the company revealed it swung to a quarterly profit, driven by a strong performance in its Lomb and Bausch eye care businesses.
Shares fell 1.69% to US$15.38 in US pre-market trading.