Valeant Said to Sweeten Lender Terms to Get Default Waived
ByValeant Pharmaceuticals International Inc. has moved a step closer to getting a default waived and loosening restrictions on its loan pact after offering more money to its lenders, according to people with knowledge of the matter.
To win creditors over, the company is boosting the interest on its term loans by one percentage-point, with the new rate set to stay in place for at least a year, said the people, who asked not to be identified as the information isn’t public. The drug maker had initially offered to bump up the spread on the loan by 0.5 percentage point for a shorter period but faced resistance from some lenders who sought more compensation, the people said. The new terms also have a leveraged-based grid that’s more favorable to investors…
Valeant Said to Sweeten Lender Terms to Get Default Waived
