May 1, 2017 / 5:27 PM / 8 months ago

BUZZ-Valeant Pharmaceuticals inches towards $10 after debt reduction

** Embattled Canadian drugmaker’s U.S. shares up 4.65 pct at $9.68

** Company says has reduced its senior secured terms loans by about an additional $220 mln as of May 1

** VRX says it continues to advance toward its expectation of paying down $5 bln in debt from divestiture proceeds and free cash flow within 18 months of Aug 2016

** Company had about $30 bln in long-term debt as at Dec. 31

** Up to Friday’s close, stock had fallen 36.3 pct YTD

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