Valeant pares debt $1.1B, seeks to restructure credit agreement; shares up a fraction premarket [Seeking Alpha]
VALEANT PHARMACEUTICALS (VRX)
Last valeant pharmaceuticals earnings: 2/28 07:00 am
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ir.valeant.com
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Source: Seeking Alpha
Valeant Pharmaceuticals (NYSE: VRX ) is up a fraction premarket on light volume on the heels of its announcement that it has paid down its senior secured loans ~$1.1B following the close of the sale of skincare assets to L'Oreal. The company is also seeking to refinance and amend its existing credit agreement, borrow new Term B loans under the agreement and issue new debt securities. The aim is to extend the maturity date of the credit revolver and Term B loans that mature prior to 2022, repay all of the Term A loans, remove the maintenance covenants from the Term B loans, modify the maintenance covenants under the revolver, modify certain other provisions of the Credit Agreement and repay a portion of its outstanding 6.75% Senior Notes due 2018. The refinancing is expected to close this month, although it adds that there is no assurance that all of its objectives will be met. Now read: Valeant - Announcing 2 Divestitures Within A Day, At What Appear To Be Reasonabl
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