Valeant Pharmaceuticals International Inc. (VRX) said Thursday, July 13  it will redeem the remaining approximately $500 million aggregate principal amount of its outstanding 6.75% senior notes due 2018. The irrevocable redemption will occur Aug. 15.

The redemption follows the July 10 announcement that Valeant would pay down $811 million of its senior secured term loans using net proceeds from its divestiture of cancer treatment maker Dendreon Pharmaceuticals LLC.

Upon the latest redemption, Valeant will have reduced its roughly $30 billion in debt by more than $4.8 billion since the end of the first quarter of 2016. Valeant noted that wi will have no significant debt maturities and no mandatory amortization requirements through 2019.

"By redeeming these notes, we will be close to achieving our expectation of paying down $5 billion of debt from divestitures and free cash flow within 18 months of August 2016," said Joseph 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.

With the latest redemption loan repayment, the company's total debt load will be reduced to $27.19 billion.

Valeant shares rose 42 cents, or 2.44% to $17.40 in early trading Thursday but finished the day up about 30 cents to $17.29.

Cantor Fitzgerald & Co. analyst Louise Chen recently raised her price target on Valeant to $23 from $18, citing multiple expansion opportunities.

She said Valeant's execution against its stated goals boosts confidence that CEO Joe Papa and CFO Paul Herendeen "can return the company back to growth."

"We think this is deserved because Valeant's execution has continued to meet or exceed our expectations," Chen wrote in a June 28, note.

The price target hike by Cantor Fitzgerald came on the heels of an SEC filing showing that John Paulson's hedge fund, Paulson & Co. Inc., had increased its stake in Valeant to 6.3% from 5.7%. Paulson joined Valeant's board in early June.

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This story has been updated to reflect Thursday's closing price.