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Valeant Pharmaceuticals launches US$750mln debt offering to repay debt

Valeant is on track to pay down more than US$5bn of its debt ahead of its February 2018 target.
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Valeant Pharmaceuticals shares dropped in pre-market trading

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.

READ: Valeant Pharmaceuticals quarterly profits boosted by Lomb and Bausch

Shares fell 1.69% to US$15.38 in US pre-market trading. 



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