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Valeant lenders OK amendment permitting loan paydown with notes
By Sara Rosenberg
New York, Aug. 18 – Valeant Pharmaceuticals International Inc. received lender approval of its credit facility amendment that permits the issuance of secured notes with shorter maturities to repay term loans, according to a news release.
The amendment also allows the incurrence of other debt to repay term loans, reduces the interest coverage maintenance covenant to 2x and provides additional flexibility to sell assets.
As part of the amendment, pricing on all tranches of the credit facility is being increased by 50 basis points, and a 25 bps consent is being paid to lenders.
Barclays is the lead bank on the deal.
Closing on the amendment is expected next week.
Valeant is a Laval, Quebec-based specialty pharmaceutical company.
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