LAVAL, 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
- permit the incurrence of other debt to repay term loans
The Company has also agreed to increase each of
the applicable interest rate margins on its credit
facility by
0.50% and to pay an amendment fee equal to
0.25% of the aggregate principal amount of each consenting lender's
outstanding loans and commitments under the credit
facility.
"We are pleased to have the support of our lenders and
appreciate their confidence in the Company's future," said
Joseph C. Papa, chairman and chief
executive officer of Valeant. "The amendment provides us with
additional flexibility and allows us to focus on executing our
strategic plan, developing our pipeline and improving patients'
lives."
About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a
multinational specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical products
primarily in the areas of dermatology, gastrointestinal disorders,
eye health, neurology and branded generics. More information about
Valeant can be found at www.valeant.com.
Forward-looking Statements
This press release may contain forward-looking statements,
including, but not limited to, the expected closing of the credit
facility amendment. Forward-looking statements may generally
be identified by the use of the words "anticipates," "expects,"
"intends," "plans," "should," "could," "would," "may," "will,"
"believes," "estimates," "potential," "target," or "continue" and
variations or similar expressions. These statements are based upon
the current expectations and beliefs of management and are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. These risks and uncertainties include, but are not
limited to, risks and uncertainties discussed in the Company's most
recent annual or quarterly report and detailed from time to time in
Valeant's other filings with the Securities and Exchange Commission
and the Canadian Securities Administrators, which factors are
incorporated herein by reference. Readers are cautioned not to
place undue reliance on any of these forward-looking
statements. These forward-looking statements speak only as of
the date hereof. Valeant undertakes no obligation to update any of
these forward-looking statements to reflect events or circumstances
after the date of this press release or to reflect actual outcomes,
unless required by law.
Contact Information:
Elif McDonald
elif.mcdonald@valeant.com
514-856-3855
877-281-6642 (toll free)
Media:
Renée Soto
or
Chris Kittredge/Jared Levy
Sard Verbinnen & Co.
212-687-8080
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SOURCE Valeant Pharmaceuticals International, Inc.