Valeant Pharmaceuticals will redeem $150 million in aggregate principal senior unsecured notes due in 2020, reducing its debt to $25.4 billion, May 14.
Here's what you should know.
1. The notes were originally issued in 2012. Valeant will repay the debt using cash on hand.
2. Valeant Chairman and CEO Joseph Papa said, "Due to strong operational cash flow, we are able to further reduce our debt. As part of our ongoing transformation, we will continue to pay down our debt and invest in our core businesses for growth."
3. Mr. Papa has made several commitments to pay down Valeant's debt, and he continues to chip away at the remaining balance.