Heres the good news: Valeant Pharmaceuticals has raised $US1.1 billion dollars in asset sales it will use to pay down debt. Its also taking this opportunity to refinance more of its $US30 billion outstanding debt load.
Thats also the bad news. The stock is down over 4%, adding to its 20% slide over the last week.
Last Tuesday on the companys earnings call, Valeant execs told investors they plan to be in compliance with the maintenance covenants in our credit agreement through 2017.
Now, if the company can refinance its debt even if it ends up needing to make more onerous payments thats technically true. But that isnt what investors are looking for.
After a tumultuous year and a half in which the company has be…
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