Valeant Pharmaceuticals Intl Inc (NYSE:VRX) announced that it will redeem the remaining approximately $500 million aggregate principal amount of its outstanding 6.75% Senior Notes due 2018, CUSIP Nos. 92912EAC7, C96715AC8 (the “Notes”), using cash on hand, on Aug. 15, 2017 and will issue today an irrevocable notice of redemption for the Notes.

Upon redemption of the Notes, Valeant will have reduced its debt by more than $4.8 billion since the end of the first quarter of 2016. Additionally, the Company will have no significant debt maturities and no mandatory amortization requirements through 2019.

The Company continues to reiterate its expectation to pay down $5 billion in debt from divestiture proceeds and free cash flow within 18 months of August 2016.

“By redeeming these Notes, we will be close to achieving our expectation of paying down $5 billionof debt from divestitures and free cash flow within 18 months of August 2016,” said Joseph C. Papa, chairman and CEO, Valeant. “We are confident we will not only meet, but also exceed our debt reduction commitment early.”

The Notes were originally issued in 2013. In March 2017, pursuant to a tender offer for cash, Valeant repurchased approximately $1.1 billion principal amount of the original $1.6 billion principal amount of Notes.

Shares of Valeant are up nearly 3% to $17.43 in pre-market trading Tuesday. VRX has a 1-year high of $32.75 and a 1-year low of $8.31. The stock’s 50-day moving average is $14.33 and its 200-day moving average is $13.10.

On the ratings front, Valeant has been the subject of a number of recent research reports. In a report released yesterday, Piper Jaffray analyst David Amsellem reiterated a Sell rating on VRX, with a price target of $10, which implies a downside of 41% from current levels. On June 29, Stifel Nicolaus’ Annabel Samimy reiterated a Buy rating on the stock and has a price target of $35.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, David Amsellem and Annabel Samimy have a yearly average loss of 0.1% and a return of 11.7% respectively. Amsellem has a success rate of 47% and is ranked #3269 out of 4600 analysts, while Samimy has a success rate of 50% and is ranked #516.

Sentiment on the street is mostly neutral on VRX stock. Out of 15 analysts who cover the stock, 9 suggest a Hold rating , 3 suggest a Sell and 3 recommend to Buy the stock. The 12-month average price target assigned to the stock is $19.00, which implies an upside of 12% from current levels.

Valeant Pharmaceuticals engages in the development, manufacture, and market of a broad range of pharmaceutical products in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics. It operates through the following segments: The Bausch + Lomb/International, The Branded Rx, and The U.S. Diversified products. The Bausch + Lomb/International segment is consist of the sale of pharmaceutical products, over-the-counter products, and medical devices products. The Branded Rx segment is comprised of pharmaceutical products related to the Salix product portfolio; dermatological product portfolio; branded pharmaceutical products, branded generic pharmaceutical products; over-the-counter products; medical device products; Bausch + Lomb products sold in Canada; and the oncology, dentistry, and health products for women. The U.S. Diversified Products segment is the sales in the U.S. of pharmaceutical products, over-the-counter products, and medical device products in the areas of neurology and certain other therapeutics classes, including aesthetics and generic products in the U.S.