Bausch Health Industries Inc.
BHC,
+0.41%
said Thursday it is reducing its debt by $150 million through the redemption of outstanding bonds using cash from operations. The company, the former Valeant, has regularly made such moves as it works to reduce a debt burden that stood at $23.7 billion at the end of March, according to FactSet data. Most of that was taken on as Valeant when it went on an acquisition spree. The bonds to be redeemed are the company's 6.125% notes that mature on Aug. 2. Shares were down 0.6% premarket but have gained 41% in the year to date, while the S&P 500
SPX,
+0.13%
has gained 14%.