Valeant looks to trim debt pile with $1.25 billion iNova sale, but analysts say it won’t make much of a dent [Financial Post (Toronto, Ontario, Canada)]
VALEANT PHARMACEUTICALS (VRX)
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Source: Financial Post
Valeant looks to trim debt pile with $1.25 billion iNova sale, but analysts say it won’t make much of a dent Valeant Pharmaceuticals International Inc said Thursday it would sell its iNova Pharmaceuticals business for $1.25 billion as the embattled company stepped up efforts to slash its crushing debt load. Laval, Que.-based Valeant announced it would sell iNova, which sells prescription and over-the-counter medical products, to a company jointly owned by Pacific Equity Partners and The Carlyle Group LP. Proceeds from the deal will go toward repaying debt under its senior credit facility. Valeant debt totalled US$28.5 billion as of the first quarter of 2017. “It’s not my goal to get the debt to zero,” Chief Executive Joseph Papa told Reuters. “The right place for our debt is somewhere … in the range of US$15 billion to US$20 billion.” But analysts said the deal will not make much of a dent in Valeant’s debt loads. The deal would be “slightly deleveraging” for Valeant, but “will not ha
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