Valeant sheds $500m of debt to clear path through 2019
Valeant Pharmaceuticals, the largest single company exposure in the US CLO market, announced a $500m debt redemption on Thursday with one investor saying debt holders would struggle to find similar returns in the current loan market.
On Thursday, Valeant said it will redeem the remaining $500m of its outstanding 6.75% senior notes due 2018, using cash on hand. The redemption will take place on August 15.
The CLO market was rattled in late 2015, when short sellers accused Valeant of inflating its sales figures,
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