Bausch Health Companies Inc. BHC, +0.06% said Wednesday it will reduce debt by another $100 million using cash from operations to redeem its outstanding 7.00% senior secured notes due in 2024. The company, the former Valeant, already redeemed $200 million aggregate principal amount of the bonds in March. Bausch has been working for years to reduce a high debt load that was taken on by the former Valeant during a yearslong acquisition spree. The company had $23.9 billion in long-term debt at end-December, according to FactSet data. Shares were not yet active premarket, but have gained 50% in the year to date, while the S&P 500 SPX, +0.08% has gained 8.3%.
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