Valeant's (VRX) Amended Facility Expected, But Shares Remain Uninvestible - Piper
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Valeant Pharmaceuticals Receives Lender Consent For Credit Facility Amendment
August 18, 2016 8:00 AM EDTLAVAL, Quebec, Aug. 18, 2016 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) ("Valeant" or the "Company") today announced that it has obtained the requisite lender approval for an amendment to its credit facility. The Company expects to close the amendment next week, subject to customary closing conditions. The amendment will:
reduce the interest coverage maintenance covenant to 2.0x, providing additional headroom provide additional flexibility to sell assets permit the issuance of secured notes with shorter maturities to repay term loans... More