Valeant Cuts Debt Load to $25.7 Billion at End of 2017
By Colin Kellaher
Valeant Pharmaceuticals International Inc. (VRX) on Wednesday said it paid down another $300 million of its senior secured term loans, paring its debt load to about $25.7 billion at the end of 2017.
The struggling pharmaceutical giant said it has reduced its debt by more than $6.5 billion since the end of the first quarter of 2016.
Valeant has been beset by corporate turbulence since 2015, a span when its drug-price increases and accounting were attacked, top executives were ousted, and its market capitalization nose-dived.
"We have reduced our debt by an additional $300 million due to ongoing strong cash flow from operations," Valeant said, adding that it will continue to invest in core businesses in 2018.
Valeant shares rose 2.6% in early trading Wednesday.
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(END) Dow Jones Newswires
January 03, 2018 09:53 ET (14:53 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.