UPDATE 1-Valeant beats profit estimate on Bausch and Lomb strength

(Adds details on Bausch + Lomb business, shares)

Nov 7 (Reuters) - Canada's Valeant Pharmaceuticals International Inc reported a better-than-expected quarterly profit due to strength in its Bausch and Lomb eye-care business, sending its shares up 11.7 percent in premarket trading.

Valeant also said on Tuesday it had eliminated all long-term debt maturities until 2020 and all mandatory amortization requirements.

The company is divesting assets to reduce its huge debt pile as it turns around its business.

Net income attributable to Valeant was $1.30 billion, or $3.69 per share, in the third quarter ended Sept. 30, compared with a loss of $1.22 billion, or $3.49 per share, a year earlier.

The reported quarter included a tax benefit of about $1.4 billion, the company said.

Excluding items, the company earned $1.04 per share, according to Thomson Reuters I/B/E/S calculation, above analysts' average estimate of 88 cents.

Total revenue fell 10.5 percent to $2.22 billion, largely due to decreases in volume in the company's U.S. diversified products and branded businesses.

(Reporting by Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila)